CALL YOUR BANK

Good news for retailers: Banks are flush with money and eager to lend.



“Credit is more available than at any time since the great recession,” said Walter Simson, principal of Chatham, New Jersey, -based Ventor Consulting (ventorllc.com). “A more liberal lending environment has opened a window of opportunity for retailers to get more capital with less risk.”



Retailers are in the driver’s seat because commercial and community banks are more willing than ever to negotiate terms. What to do? First, advised Simson, if you already have a favorable loan contract, then negotiate to lock it in for additional years.



“This is a good time to extend your loan agreement for as long as you can,” he said.



Second, consider negotiating for a better deal.



“If you are in the mood to get better terms, this is the time to do it,” Simson added. “You may be able to get more credit for longer periods at a lower interest rate.” And rid your contract of onerous terms.



What if your banker won’t budge? Liberal lending environments reward retailers that shop around.



“Go across the street to another lender,” Simson recommended. “Chances are you will be accommodated.”