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"Business as usual for most banks includes augmenting revenue on business loans by imposing multiple front-loaded fees," says Embassy’s President and CEO, David M. Lobach, Jr. "Embassy’s Value-Based Business Banking is ‘business as unusual.’ Our loans are structured to save borrowers from many of the traditional upfront fees and prepayment penalties charged by commercial lenders."
"Our goal is to help business customers achieve financial success faster and build long-term relationships to sustain their success. In our experience, there are more opportunities in long-term partnerships than there are in penalties and low-value fees."
The "low-value fees" charged by most banks on business loans generally include application fees, underwriting fees and annual loan fees, according to Lobach. "Embassy’s VB3 approach eliminates these fees," he says.
VB3 doesn’t only save fees on the front-end cost of loans. Jim Bartholomew, Embassy’s Executive Vice President and Senior Lending Officer, points out that VB3 also saves customers money on the back-end of the business loan process by eliminating prepayment penalties.
Prepayment penalties are built into typical commercial loans. This penalty is incurred when a borrower pays off the loan sooner than the full term, he explains. "So, say a business owner takes out a 10-year loan and works hard to pay it off in seven years. Even though all principal and interest was paid in full, he or she will still be penalized for the interest which the bank would’ve earned on that remaining three years of the ten year loan term."
"There is NEVER a prepayment penalty on ANY Embassy Bank loan. Ever. Period. We don’t believe in penalizing success through hard work. We believe in rewarding it," emphasizes Bartholomew.