Customers Bank Small Business Loan Review
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The Customers Bank enjoys $9.6 billion in assets, and serves small- and medium-sized businesses, professionals, individuals and families with branches and offices from Boston to Philadelphia. They also have offices in New York, New Hampshire and Rhode Island that are staffed with experienced, highly knowledgeable bankers to facilitate financial service. Aside from the convenience of online services, Customers Bank offers the convenience of concierge banking — face-to-face banking by appointment, at your place or their branch outlets or offices, 12 hours a day, seven days a week.
Understanding Your Loan Options
One of the perks of working with Customers Bank is that they focus on a face to face relationship with their clients, which lets them adjust and adopt their financial products to suit the needs of your particular small business. The downside to that is they are unable provide even broad guidelines on the terms and conditions for many of their lending projects. The best bet you have is to schedule an appoint with one of their representatives so you can get some face time and explain your business to them.
The SBA loans offered by Customers bank include the two major SBA partnership loans are available at Community Bank, including the 504 program that focuses on real estate and machinery funding and the 7(a) program that requires security but offers the same real estate loans for variable rates and 20-25-year terms. They also offer the USDA Business & Industry Program loans as well as small / rural lender’s advantage loans through the same agency.
Speed of Implementation and Loan Duration
Customers Bank provides “high-tech, high-touch” approach to banking to facilitate the delivery of a timely path to the selection of products and services. Furthermore, their concierge services offer a single point of contact phone number so that there is no need to deal with any automated phone services. This type of service can make a huge difference in the long run with both the application and servicing of the loan throughout its term.
Fine Print and Final Thoughts
The Customers Bank has a large staff devoted to the acquisition of government backed small business loans. This is an excellent sign as to their expertise, but it would be good to see some of the more recent government backed programs like the SBA Express Loans or the SBA CAPLines loans program. In spite of their name, they are a commercial entity that has service charges and fees that have to be questioned and accounted for in the final cost of the loan.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.