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04-02-2020, 11:36 PM #1
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- Oct 2016
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Reality check:
“JPMorgan Chase, the biggest U.S. bank, was the first lender to publicly say what others had whispered: It emailed customers late Thursday to say the company “will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped.“
https://www.cnbc.com/2020/04/02/jpmo...-guidance.html
NBC news is saying that every bank they talked to say they are not ready to do this tomorrow.
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04-03-2020, 08:25 AM #2
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- Mar 2015
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- Boynton Beach
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- 3,484
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-03-2020, 09:05 AM #3
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- Jan 2020
- Location
- New York, NY
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- 102
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04-03-2020, 09:16 AM #4
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04-03-2020, 09:24 AM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-03-2020, 09:58 AM #6
bank of america is up and running now. the program end june 30th, so no, they will figure this out in the couple of days then do big media push on cnbc with cramer kissing trump and mnuchins ass saying what a great program this is that business owners already got funds.
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04-03-2020, 10:15 AM #7
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- Mar 2015
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- Boynton Beach
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Chris,
In our life-times have you EVER seen the federal government deploy any kind of stimulus anything during and event or crisis. Hell....people in the panhandle are still waiting for FEMA an other promised assistance from hurricane Matthew......from two years ago. Not to mention....the pipeline of people trying to get this package is massive. It's like going outside, hooking a hose to a fire hydrant, turning it on full blast, and trying to hold hose in your mouth.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-03-2020, 11:03 AM #8
SO first this is like nothing in our lifetime. second the government is not deploying the funds, the 100s of approved lenders and banks are. 3rd, yes im skeptical since BofA already said they have 10k apps, but its first come first serve. First ones will get money relatively quickly and last ones will be SOL.
This isnt FEMA or SBA processing. The longer wait will be on back end to get the loans forgiven and how business owners go about proving they use money correctly.Last edited by cmarks; 04-03-2020 at 11:06 AM.
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04-03-2020, 10:06 AM #9
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- Aug 2016
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- 486
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04-03-2020, 10:12 AM #10
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- Mar 2015
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- Boynton Beach
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- 3,484
I said this over a month ago. Time is not on any business owner's side. You must seek all avenues of financing for a business and work ferociously at he same time to cut costs.
I have had 3 companies this week waiting for their bank's to increase their lines of credit. I asked: Under normal circumstances, how long does that normally take and do you have the ability to wait? All three are seeking alternative financing by using an ABL facility of factoring. They are all running a duel path in case their bank says no......which in this environment it's pretty much a give in.....Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-13-2020, 12:10 PM #11
So as I Said, 2-3 weeks worse case businesses started seeing their money. There are people saying so in the FB group - 'CARES Act SBA Loan Insight Hub' and heres a link https://www.cbsnews.com/news/paychec...wing-loan-sba/
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04-13-2020, 12:16 PM #12
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- Mar 2015
- Location
- Boynton Beach
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- 3,484
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-13-2020, 02:16 PM #13
I specifically was addressing your statement that business owners would be lucky if they got money by June, i said within couple weeks, you were wayyy off. We know its only a few, but that wasnt the point. There were always issues, but as Mark Cuban said this morning and as i mentioned, the banks were much of the problem although SBA had their own.
FB posts arent valid?? lol they are from business owners but i guess DF posts are?? makes sense.
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04-13-2020, 02:22 PM #14
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- Mar 2015
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- Boynton Beach
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- 3,484
Chris,
The amount that has actually funded vs. what has been applied for is VERY low, but you would know this from listening to the news and checking Facebook. How about actually listening to someone that actually works for a bank and talks to bankers all day. The process is onerous for the business owners and the banks. The amount that has actually funded is small compared to applications most BANKS have received.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-13-2020, 02:45 PM #15
You were wrong on the timing by almost 2 months, so your experience and value of listening to other bankers didnt mean much on the timing. Other points you have are valid, but as i listened very carefully to the lawmaker who made the law, the Tres Secty as he announced the rollout, i knew the timing of funds to be disbursed wasnt gonna take 2 months. Very simple point. not even arguing the fees or guarantees, customer acquisition, etc...
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04-13-2020, 01:29 PM #16
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,950
If you want info directly from the SBA, since you do not appear to want to listen to others on this Forum,
sign up for the SBA Updates - http://www.sba.gov/updates
You will receive email updates, plus invitations
to the SBA Small business Recovery Webinars - I'm assuming they are holding these events in different regions of the USADave 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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