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  1. #1
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    sba disaster loan

    what is the difference between the regular working capital sba loan and the sba disaster loan?

  2. #2
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    SBA Info Regarding the Standard 7(a) Loans

    https://www.sba.gov/partners/lenders...types-7a-loans

    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  3. #3
    The 7(a) Express SBA process is going to modified/streamlined to incorporate the provisions of the CARES Act signed on Friday.

    Those who take EIDL(economic injury disaster loans) will not be eligible for the new 7a forgivable loans. But the EIDL is going to make it easier for merchants to get a much quicker $10K advance this week.

    Robert S Bloink
    EVP of ISO Partnerships
    Direct: 248-341-9477
    Email: bb@cooperasset.com
    Web: www.cooperasset.com

  4. #4

  5. #5
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    Technically you can do PPP and EIDL if the funds arent commingled

  6. #6
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    has anyone here closed on or in the process one of these yet ? sba disaster loans or sba 7a ?

  7. #7
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    Quote Originally Posted by fin4all View Post
    has anyone here closed on or in the process one of these yet ? sba disaster loans or sba 7a ?
    Closed no. Offers, yes. Finally got back with offer (after 2.5 weeks). $500k offers but can scale up to $2M with additional docs. Once offer is back, another 4 weeks until closing. They have exactly 140 underwriters to handle entire program.

  8. #8
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    Quote Originally Posted by WestCoastFunding View Post
    Closed no. Offers, yes. Finally got back with offer (after 2.5 weeks). $500k offers but can scale up to $2M with additional docs. Once offer is back, another 4 weeks until closing. They have exactly 140 underwriters to handle entire program.
    Thank you for the update, was this offer filed online? Also if you don't mind me asking what type of revenue did your client have to get the $500k offer? I heard they are offering high multiples of the avg monthly payroll/expenses, not sure if that is accurate? Appreciate your feedback

  9. #9
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    Quote Originally Posted by MCA View Post
    Thank you for the update, was this offer filed online? Also if you don't mind me asking what type of revenue did your client have to get the $500k offer? I heard they are offering high multiples of the avg monthly payroll/expenses, not sure if that is accurate? Appreciate your feedback
    Couple of companies. Most recent was a logistics/freight. $4M gross with a slight net loss in 2019 after depreciation. Payments are like $2,500 a month. Unbelievable.

  10. #10
    Quote Originally Posted by WestCoastFunding View Post
    Couple of companies. Most recent was a logistics/freight. $4M gross with a slight net loss in 2019 after depreciation. Payments are like $2,500 a month. Unbelievable.
    Hey WestCoast - I reached out via PM. Get back to me when you get a chance.

  11. #11
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    SBA Paycheck Protection Info

    https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
    Last edited by Yankeeman07; 03-31-2020 at 07:32 PM.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

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