Everyone’s hearing about how “money is tight” and we’re in the middle of a severe credit crunch. So if you’ve got money to lend, tell the world. It’s a much more effective way to reassure people that you’re safe and sound than simply saying “we’re safe and sound.”
It doesn’t matter if you’ve tightened your lending requirements. So what if you require a minimum 700 credit score now? People will think“You’ve got money to lend, so you’re okay.”
“I actually had people stop me on the street and say, ‘Great ad!’”
– Kevin Jones, President/MidFlorida FCU
MidFlorida FCU bought a full-page ad saying it is still lending money, it is financially sound, and doesn’t need a bailout. They say they’ve gotten more reaction to the ad than any other they’ve ever ran.
You can get tons of good, free press by simply calling the local news media (newspapers, radio, TV stations) and letting them know you’ve got money to lend. They’re eager to run some good, reassuring news:
- Coast banks: ‘We are lending’
- Regional banks say they have money to loan
- Credit unions ready to lend as banks tighten credit
- Credit union says, “We’re still lending!”
This worked back in July (when The Financial Brand first reported about it), and it’s a strategy that’s still working today.
You don’t even have to run an ad. Community Financial Credit Union put the message on their phone system: “Welcome to Community Financial, where we have millions to lend.”