Metro City Bank Small Business Loan Review
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Metro City Bank considers themselves a regional bank with close personal relationships with their clients. As a community bank, Metro City Bank cares about you and can assist you with all types of loans. You will receive personalized service and people, who know you, not by someone in another state. This is a retail bank that will charge fees and service charges for their efforts, and may ask you to spend money to complete the application process.
Understanding Your Loan Options
Metro City claims that their counselors will process your loan application quickly and efficiently as well as tailor a loan and make it fit your needs. The loan officers will meet with you one-on-one to discuss your individual or business needs and frankly that is how they would prefer to confer. In a time where so many banks and lending institutions use digital tools to broaden their geographic reach, Metro tries to draw a contrast between themselves and large national lenders who don’t know your business or won’t explain your options.
Metro City Bank provides commercial loans for businesses requiring fixed asset purchases, commercial mortgages and working capital lines of credit. They also offer fixed and floating rates, as well as flexible terms. The Resource Center is well stocked with detailed explanations of what is required and under what conditions the SBA can lend you money, as well as Metro City’s requirements.
Speed of Implementation and Loan Duration
Metro City includes a section that addresses the online banking services, where the bank grudgingly admits they might want some clients that like technology, so here is our online banking service. Applications for loans are downloadable, however, they assume they will be faxed if not hand delivered. Not exactly caught up on the security angles of the digital shift.
There is definite value in working with people who are experienced but lots of new SBA programs and the need to communicate quickly might mean this company could put more effort into entering the digital arena.
Fine Print and Final Thoughts
The advice and guidance offered by Metro City Bank does not necessarily come cheap. The bank expects its customers to pay for access to their expertise. In the fine print, you will often find hidden fees and service charges that you did not expect to encounter, increasing the overall cost of your loan. This company does little to explain the cost of the loan, which come in the form of service charges and fees.
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.