Branching Out
Multiple banks, starting a 401(k), what Dad never told you, angel investors
You only need one accountant. There's no reason to have more than one attorney. But if you have only one bank, it's time to go shopping.
There are a number of reasons to use more than one bank, beginning with borrowing ability. "Doing business with the same bank for years usually makes it easier to get a loan when you need it," says Linda Fayerweather of Fayerweather Consulting, a Toledo, Ohio, business coaching firm. "But banks' lending policies change from year to year, often quarter to quarter. If you need a loan just when your bank has become more rigid, where do you turn?"
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