During the post-prohibition era in the 1930s, bars offered free lunches to their patrons to get them to buy drinks. 40 years later, Milton Friedman famously summed up the study of economics with the quip – “There is no such thing as a free lunch” or TINSTAFL for short. Now, 50 years later bankers and borrowers alike are recalling TINSTAFL in looking at PPP.
Community banks need to innovate. Most of us accept that. Too much is changing around us, too many other players are jumping on our turf. Regulators seem out to strangle us. And customers demand more and more.