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  1. #226
    Senior Member Reputation points: 337045
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    Quote Originally Posted by WestCoastFunding View Post
    Of course. Anyone who thinks participating lenders are handling these on first come, first serve basis are fooling themselves. They are taking care of best relationships first.
    On a positive note.... Most of our factoring and ABL clients that applied for PPP will be receiving funds through our bank parent..... Another advantage of being a client of ours.
    Hedley Lamarr......That's Hedley

  2. #227
    Senior Member Reputation points: 30747
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    Quote Originally Posted by skideeppow View Post
    I have been banking with Wells for 28 years, they hold all my money. They were worthless concerning the PPP program. They are still sending me emails stating that i can not apply because they are too backed up.

    I applied with a local bank that specializes in SBA loans. They did my app on Friday. And i was declined yesterday. So at least i know i dont qualify since i am in the brokering and funding of small business loans.

    Anyway my point is that the small regional bank had their **** together where as wells was worthless.
    Question, was your experience with Wells Fargo bad enough for you to actually decide to move your funds into the small regional bank? That is the million dollar question. Will people that discover that the way they have been doing things may not be the best way, and if so will they find it worth the effort to go a diffrent route. Will this make the customer uncomfortable enough to actually do something about it?

    This situation is really shaking the bag so to speak.. It will be interesting to see how the dust settles.

    Just like with your personal experience you just posted about.. This situation cracked the door open for the small regional bank you posted about. Now it is up to that Small Regional Bank to really put on a dog & pony show for you. They have try to kick the door you cracked open, wide open and some sort of way land you as a customer. There marketing and remarketing will need to be on point and firing on all cylinders to make the most of all the people just like you that is cracking the door open for them. The hard thing is that people are mostly lazy and forget things quickly.. So the marketing and retargeting get's very expensive.. Having to constantly keep reminding people that "hey your big bank wasn't there for you, we were, don't treat us like the ugly step child, look at all we have to offer you, come over here!!!" requires a good well funded marketing system.. The big FinTech companies have the money and systems to go after all the people that will be cracking that door open.. Perhaps the small regional banks don't.

    The same logic can be applied to the new FinTech / Fed Relationship. Due to the situation, the Fed cracked the door open for the FinTech companies... Now the Fintech companies need to put on the best Dog & Pony Show ever for the Fed in hopes they will see the goodness in FinTech's, and susequently open the doors wide open for FinTech's.

    Quote Originally Posted by skideeppow View Post
    On another note i was working with a document prep company (as in selling their product) that was charging $2500 up front to prepare and submit SBA docs for the PPP, the grant and the disaster relief program. I did that for 2 days. I thought it was shady as **** an was taking advantage of people. So I stopped.
    The "Is capitalism moral?" rabbit hole...

    Best stock week since 1938 at the same time 16 Million of us lost our jobs in 3 weeks.

    They say an image is worth a thousand words.


  3. #228
    Senior Member Reputation points: 81655
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    PPP for self-employed people was launched on April 10, 2020 which was only last Friday - April 10, 2020

    I would verify they applied for the correct SBA Laon program, a bit hard to grasp that the SBA has even
    reviewed your application that quick.
    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

  4. #229
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    Quote Originally Posted by Yankeeman07 View Post
    PPP for self-employed people was launched on April 10, 2020 which was only last Friday - April 10, 2020

    I would verify they applied for the correct SBA Laon program, a bit hard to grasp that the SBA has even
    reviewed your application that quick.
    This.

    Dave has been on fire with SBA stuff.

  5. #230
    Senior Member Reputation points: 47257
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    Basalt CO
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    Quote Originally Posted by Yankeeman07 View Post
    PPP for self-employed people was launched on April 10, 2020 which was only last Friday - April 10, 2020

    I would verify they applied for the correct SBA Laon program, a bit hard to grasp that the SBA has even
    reviewed your application that quick.
    largest SBA lender in our region. They said they had cracked the code to getting these apps in to Etran. I have no reason to doubt them. But who knows. You can not believe anything now adays.
    I put my contact info in here, and
    was bombarded with spam from funders
    if you need to reach me PM me

  6. #231
    Senior Member Reputation points: 7556 cmarks's Avatar
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    Quote Originally Posted by Kevin Henry-Seacoast View Post
    I like the way Chris jumps into the forum with bad information an then runs away...... The $1200 was part of the personal stimulus those who qualify will receive by wire if they are set up with the IRS or check which will take much longer. I am not eligible for the personal stimulus. Chase has processed and sent less than 30% of loans that have applied. When will the other 70% that have applied get their funds. Probably sometime after the next round of stimulus is approved. Good to see some folks have received some funds personally and for some businesses, but this again is throwing a deck chair off the Queen Mary.
    Not sure how you can misunderstand but which part was bad info? i clearly was referring to the personal stimulus and direct deposit, thats why i said people who didnt have that setup could soon upload their account info on website. The point was, and as much as i dont like this administration, things are moving and although not fast enough its very difficult to do programs this size quickly. Most checks that need to be mailed wont take months to go out, id say by beg of May.

    Again, you said people would be lucky to get ppp money by June, but you move the goal post by saying most funds not disbursed.. Banks have 10 days to payout funds once sba have approval number. Im sure you know that by now.

    Like Inacio said, several of you are so negative thats it not worth the energy to come on here. You have been wrong about a number of things from the getgo but stick to your narrative of your initial outlook.

    Tell us, how much would a bank have to be paid in fees and int rates for it to 'be worth the squeeze'?
    I never said its going to make them a margin that they are used to making, as they Should Not in this case, since its all getting paid back to them, at least thats the intent of the bill but with some things that had to be fixed.

    Another 310 billion coming going through the 5,000 approved lenders.

    You and westcoast can battle all day long, I would think you have more pressing things to do.
    Chris Marks
    funderintel.com

  7. #232
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    So the big companies that are publically traded are getting a mulligan (as long as they take it within 2 weeks)....

    This is crazy! I didn't have any faith that this was going to pan out right in the 1st place....

    https://www.cnbc.com/2020/04/23/us-i...get-funds.html

    US issues new guidance for small business loans, pressures public companies to return funds

    Companies applying for coronavirus relief funds must certify that the loans are necessary and that they cannot tap other sources of funding, the SBA said. By definition, public companies have access to the capital markets. For instance, Shake Shack returned the $10 million it got through the PPP after it sold $150 million in new shares.

    In a key detail, the SBA indicated that large public companies who tapped the PPP before the rule change can avoid scrutiny by returning the relief loans in two weeks.

    https://www.cnbc.com/2020/04/23/us-i...get-funds.html
    Last edited by Winning; 04-23-2020 at 12:56 PM.

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