they work with a few musicians, they may also be in a good position to discuss industry
and small business trends that may effect your operations. Your banker can also be an ex-
cellent referral and networking resource. A close relationship with your banker can mean
they’ll go to bat for you to help you get better rates or alert you before potential problems
become big headaches.
Your banker can help you obtain a line of credit or loan. A common saying, though, is
that banks are happy to lend money to people who don’t need it. To a large degree, that’s
true. They want to see an impeccable credit history and sound ability to repay the loan.
So, it can be a good idea to arrange a personal line of credit or small loan before you need
one. As in while you have a full-time job and haven’t gone full-time musician yet. Repay
it swiftly and establish your business with the bank. Having credit established with your
bank can save you from scrambling when the unexpected happens and you need to tap
into a line of credit or loan quickly.
Nonetheless, when it comes to loans and creative enterprises, bankers tend to act like
... well, bankers. When you waltz in seeking a loan for band equipment, wait a bit after
your banker laughs his toupee off and gets up off the floor. He may listen to you if you’ve
been a good customer and have established excellent credit with his employer. But, in re-
ality, he’s still probably going to laugh his pudgy head off. Bankers tend to scoff at cre-
ative enterprises seeking loans and lines of credit. If you give it a try, though, be well-pre-
pared with hard documentation of payment histories, financials from your accountant and
anything else that might help your case.
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