There is a process we go through in filling out an application, contract or agreement that seems to take forever…
In 2009 a rural community bank was in the news because they made application for loans easier for their customers. It is a perfect example of the recession driving an innovative CEO to move his market to an area that no one else is targeting.
Mendenhall, Mississippi is a town of a bit more than 2,500 people. Peoples Bank of Mississippi has stood since 1908. But in 2009, when lending to small-town businesses was at a record low, the bank kept giving out loans. It kept lending (even though new loans backed by the government stimulus offered little for the bank) — no interest and deferred payments. Peoples Bank became known for making more interest-free loans than any other bank in the country. While other banks were shutting their doors to such loans, they kept their doors open!
What were the results? Peoples Bank is now third in the entire country in offering small business owners loans. Bank president and CEO Dennis Amman said, “We looked at it and said it’s going to take work on our part; we might not even make money off it in the short run, but in the long run it’s going to be good for customers, so it’s going to be good for us.”
Applying for your business is a separate entity from selling or servicing.
Don’t you agree?