I sure hope we don’t need a bank loan soon, because last night on Open for Business Tom Russo, Brian Parker and Ken Cook dove deep into the lack of lending by financial institutions. Businesses want to grow and there are thousands of them across the country who could grow with a little more capital behind them.
There are hundreds of millions of dollars on bank balance sheets that are not getting to these businesses. Why not? In a sentence, because banks don’t have to lend the money to make money. Citing examples from big banks, local banks, and credit unions the discussion highlighted again and again that the banks are not in the customer service business. They are in the make money business. They want to give great customer service. They just don’t have to in order to make money.
Tune in to hear more about the fascinating revelation on the disconnect between a bank’s brand image and its’ “on the street” practices. Open for Business #38 – more great information than you could hope for in less than an hour.