The Global Financial Crisis took its toll on Australia's regional and second-tier banks as capital borrowings overseas became unavailable or too expensive. But, says David Liddy, CEO of BOQ, they've emerged stronger and leaner than before, matching all the services the Big Four can offer, competing on fees and treating customers like human beings, not numbers. Additionally, he says, BOQ's fast-growing franchise model, with owner-managers running their own branches, provides a level of understanding and know-how that works well for small business. As members of their own local communities, they can identify with the pressures other small businesses have to deal with. For business owners seeking bank finance, his advice is to present clear business and marketing plans, to have a strong grasp of their revenue and cost streams and the resources they'll need for growth.
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