August 04th, 2009 | 10:52 am
I put a couple videos up on YouTube (and here at the bottom of this post) that you really ought to watch. On our YouTube channel (www.YouTube.com/504loanexperts), you'll see four clips that were filmed "undercover." I donned a clever disguise and a pin-hole camera to see what I could learn about how small businesses are treated when they try to get financing at a local bank. I've embedded the first clip below so you can view it here if you like (for the other three, just go to www.YouTube.com/504loanexperts).
There are a couple things you need to keep in mind as you watch:
1) The date on the videos indicates that these clips were filmed in the year 2000. Actually, this "experiment" was conducted in May of 2008. Our film crew made a slight error when they edited the tape. You may also catch a few mistakes in the captions - again some oversight by our (former) film crew.
2) We went to five banks, but you'll find only four clips. That's because I didn't even get to talk with a loan officer at bank #5. I waited for nearly half an hour, and couldn't get anyone to help me. I could have included the footage of me waiting in the bank lobby, but I'd rather not waste your valuable time.
3) I was hesitant to put these out there for the entire world to see, which is why I sat on them for 14 months. When we taped these, MCC was actively working to become a national bank (see my previous post, The "Great Big Quivering Gelatinous Invertebrate Jelly of Indecision"). Having been stonewalled by the FDIC (who only seems concerned with covering its rear-end), and with the banking crisis going from bad to worse, we decided that now is the right time to put these videos out there.
4) I am deeply appalled and saddened (as any viewer ought to be) at what these undercover clips reveal. Many business owners rely on their bankers for advice and it appears, from what you'll see, that this trust is likely misplaced. It doesn't bode well for the lending industry as a whole, but please know that some lenders (read: MCC) DO know what they're doing and DO have their Clients' best interests in mind.
The video clips you'll see make us cringe when we watch them, so be prepared. The mistakes these un-named bankers make are glaring and unfortunate, so much so that I think I may have to post some sort of video response to set things straight (what they SHOULD have said). Let me know if you think that would be helpful. Also, please leave a comment below to let me know what you think about all this. If we can create enough buzz about what's going on in the banking industry, maybe we can ignite some actual change in our government, the economy, and in this important industry for America's Small Businesses.
For more information, visit www.TheSmartChoiceLoan.com and www.504experts.com
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