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Why credit approval matters for your business accounts

By Phillip A. Kopischke, CPA (inactive)

October 11, 2021

When was the last time your business relationship manager reached out to you? Are you able to call and get personal attention with someone you know and trust who cares about your business?

Being a business owner is exciting; choosing the right tools, resources and partners are essential for your company to run smoothly and efficiently. It can save you both time and money, and even effect your ability to produce, which could impact your customer service level.

Credit is a financial tool that is essential to ensuring your business runs efficiently and effectively as your business grows and develops.

The right business relationship manager listens to you and your goals and helps you to create the right credit balance to ensure you have access to funds for both short term needs, as well as larger purchases that are required to meet long-term company objectives.

Establishing credit for a business should be more than applying for a credit; a trusted business relationship manager listens to how the business operates currently, as well as the goals on how the business is being developed for the future. Are there real estate needs for expansion or relocation, is equipment needed or are funds needed for purchasing product to meet customer orders?

A trusted financial partner assesses the entire picture and helps you anticipate what financial needs you may have, and what solutions are available to ensure you have what it takes to takes to take your business to the next level.

Considerations for a meeting

When meeting with a business relationship manager to establish your business’s credit needs and approval, you will want to share: 
  • Current financials — business and each owner
  • Historical tax returns — business and each owner
  • Projected business plan for the next five years
  • Debt schedule
  • Current customer list
  • Ownership breakdown for the company (they should share in the conversation)
Your financial partner will help you identify credit solutions that fit the needs of your business and identify other products and services available that could save you time on your business operations, including merchant services, checking, and deposit services. Your business will benefit from a professional who is looking out for your best interest and has your goals in sight.

Phillip A. Kopischke, CPA (inactive) is the president and CEO of SharePoint Credit Union. You may reach him at