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| The PrivateBank cut through red tape to help Herbert Love, shown here in front of his Meineke shop |
The PrivateBank rescues businessman from bureaucratic banking
Herbert Love never cared about having a personal relationship with his banker.
At least not until he got buried in paperwork by the bank he thought he knew.
Herbert, owner of two Meineke Car Care Centers, had been a customer of a large regional bank for years. So when he decided to buy the property that he had been leasing for one of his shops, he thought his bank could make it easy. After all, they already knew him and his business.
But Herbert soon discovered that his long history with the big bank didn’t spare him from “reams of paperwork.” He filled out and submitted everything they asked for. Then he waited.
From time to time, the big bank called. But only to give him more forms and ask more questions.
A friend of Herbert’s recommended he check out The PrivateBank. Herbert called and spoke with a member of The PrivateBank's commercial lending team. During the call, The PrivateBank asked Herbert a few basic questions. The very next day, a commercial lending rep came out to meet with him in person.
Right away, Herbert learned he was a good candidate for an SBA loan.
The paperwork “was almost nonexistent,” says Herbert. “It was just a couple pieces of paper.”
The following Tuesday, The PrivateBank's loan committee reviewed Herbert's application. Less than three weeks after his first contact with The PrivateBank, Herbert’s loan was approved.
Herbert liked the quick results he got from The PrivateBank. But that’s not all. He also appreciated the way The PrivateBank helped him choose the best type of SBA loan for his needs.
Because Herbert prefers to pay off his loans early, The PrivateBank’s SBA expert helped him compare interest rates and prepayment penalties on several kinds of SBA loans.
“They always presented me with all the options but never pressured me to take any one of them, even when one option would have been more profitable for the bank,” he says. “It’s been a real professional relationship.”