All businesses ride economic waves of growth. Some are able to read leading indicators that are poised to negatively impact their businesses. These businesses quickly implement defensive strategies to minimize disruption and, although they may experience a momentary pause, tend to get back on the track of growth within a reasonable period of time.
Others, for a variety of reasons, miss opportunities to implement anticipatory strategies or corrective actions as their businesses begin a downward curve.
When this happens, a company’s lender may transfer their account management from their existing relationship manager to the Special Loans group. Most large lenders have a Special Loans group, although different institutions may use different nomenclature.