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| Branding and marketing expert Bob Kadrie: The PrivateBank "actually looked for a way to help us" |
The PrivateBank went beyond expectations to serve his small business
Point of Vision, a marketing communications company, was on the verge of signing a major contract extension with one of its biggest clients in September 2001. Then the terrorist attacks of Sept. 11 rocked the economy, and the client – a travel technology company – put the contract on hold indefinitely.
As president of POV, Bob Kadrie knew his company was facing big trouble. He called his banker at The PrivateBank to discuss his options. Their response was a pleasant surprise. Where another bank might have simply called in POV’s loans, The PrivateBank helped Bob develop a plan to reorganize the company’s finances. They even taught him a few Treasury Management tricks to help POV’s money go further.
Then came the real surprise. Weeks later, out of nowhere, Bob got a call from The PrivateBank. They had found a special SBA relief fund for businesses that had been indirectly affected by the Sept. 11 attacks. When they had seen the opportunity, they had immediately thought of Bob and POV.
“I found that amazing,” Bob recalls. “They actually looked for a way to help us.”
But the application deadline for SBA relief was just two days away. That’s when The PrivateBank proved itself again, helping POV complete the in-depth application and guiding the company through the process.
“There’s no way any other bank in the world would have done that,” says Bob.
With The PrivateBank’s help, POV was approved for a loan with almost no interest, enabling the company to restructure its debt immediately and tread water while the economy recovered.
Bob recalls that when he was selecting a new bank in 2000, nearly every bank he interviewed threw around the word “partner.” But The PrivateBank has proven to him that it takes the idea of partnership seriously.
“They helped save our business,” Bob attests. “They really did. If it weren’t for them, we probably wouldn’t be in business today.”