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Q: What should I look for in a business lender? A: Your choice of lender is a very critical decision as a business owner. Finding someone you can trust and feel has your best needs at heart is essential. Look for a lender who will spend some time getting to know you, your business, your industry, and your vision. As a business owner, you will have financial needs through the life cycle of your business, and you must have a relationship with a lend- er that can help you through those cycles. A business lender should be there to help you decide how to best finance your needs and is someone you should be talking to regularly. Look for a lender that can offer the products and services you will need, such as loans and deposit accounts, and is familiar with other services and funding sources. And look for a lender that is willing to sit with you and discuss your thoughts and offer feedback based on experience in the market. Q: Why is it important to have a working relationship with your business lender? A: You live and breathe your busi- ness, so you know it very well; your banker should understand how your company operates, what makes it successful, and what challenges may stand in the way. Your relationship with your banker should grow over time as you each learn from one an- other through a series of borrowing and deposit transactions. A strong relationship will result in better com- munication, a quick turnaround on your specific borrowing needs, and a consultative relationship where the lender can help the business owner make financial decisions for the business's success. Q: Do Credit Unions offer Business Banking? A: Yes, many credit unions in Maine have a business lending department. Credit unions have built their organi- zations on putting their members first, which also holds for business mem- bers. Credit unions operate within a specific geographical footprint; your lender will be a part of your commu- nity — maybe your neighbor — and will have the local market knowledge and connections to help make your business successful. Q: What is the difference between a commercial loan from a bank vs. Credit Union? A: Credit Unions are organized as co- operative corporations, which means that credit unions are not for profit and are owned by their members. As a result, credit unions have their finger on the pulse of their members and can act quickly to meet their members' needs and provide what their members want. Credit unions tend to charge fewer fees and lower loan rates, making credit union de- posits and loans competitive. And with shared branching, members of a credit union can go into thousands of credit unions across the nation and access their accounts and transact business through our vast shared branching network. Q: What do I need to get started? A: Look for a bank or credit union that aligns with your values and has knowledge of your industry and the market you are entering, and reach out to the lender to set up a meet- ing. They will ask some questions and walk you through their lending process. Most will have a list of the required information to begin the loan approval process. However, most will look for three years of fi- nancial statements for the business and its owners, a personal financial statement for each owner, and an overview of their borrowing needs. Start-ups or expanding businesses should also be prepared to provide a business plan and some financial projections to show how the funding will impact the business's future performance. S P O N S O R E D C O N T E N T Finding the Right Business Lender for Your Business Ask the Expert By Bruce Harrington, Head of Business Banking, Maine State Credit Union You've worked hard to grow your business. Maine State Credit Union is dedicated to helping you continue to excel. Our members really are our bottom line. We have state-of-the-art technology, and a team dedicated to helping your business get the right financial tools. SMALL BUSINESS. BIG IMPACT. Maine State Credit Union is federally insured by NCUA and is an equal housing lender. PUT YOUR MONEY WHERE YOUR HEART IS: MAINE. MAINE CREDIT UNION STAT E WWW.MAINESTATECU.ORG | BELONG WITH US " Your choice of lender is a very critical decision as a business owner.

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