What you need to know: Getting the most out of your bank

BANKS are an important service provider for all businesses working with SMEs in many ways, and financing is only one of them.

Toowoomba Chamber of Commerce CEO Jo Sheppard. Picture: Contributed

BANKS are an important service provider for all businesses working with SMEs in many ways, and financing is only one of them.

Are you getting the most out of your bank?

The Toowoomba Chamber is holding a workshop for SMEs to learn how they might be able to strengthen their relationship with their bank, what questions they should be asking their banker and how to ensure they are getting the most out of their bank.

Almost half all SMEs have a loan with a bank with the average interest rate on a small business loans currently at an all time low of 5.6%.

But with findings from the Royal Commission into Banking and Financial Services continuing to emerge, talk of a looming credit crunch coming and commentary regarding risks from increased trade protectionism globally - SMEs are operating in a complex and dynamic environment which can prove challenging to stay on top of.

Historically, CPA Australia's research has found that SMEs often report difficulty in accessing finance which has impacted their business operations and performance.

SMEs also often unsure as to whether or not they are currently receiving the best service or product from their financier and unsure how to measure this as well.

For many small businesses the initial financing arrangements put in place at start-up are often still in place many years later.

Small business owners and their advisers should review existing debt finance arrangements on a regular basis to make sure the finance facility and structure continues to fit the current needs of the business.

On Thursday, August 30, Toowoomba Chamber is are joined by Ryan Baddock, managing director of RB Finance, to learn what questions you should be asking, what information you should be requesting, and what you should be expecting to make sure you get the most value from your banker.

Book your seat through our website now to take advantage of this opportunity. Alternatively, phone the chamber on 4638 0400.

Originally published as What you need to know: Getting the most out of your bank