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04-03-2020, 09:24 AM #1
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,481
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 #2
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 #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,481
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 #4
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, 11:42 AM #5
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,481
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, 11:51 AM #6
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04-03-2020, 11:58 AM #7
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,481
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, 11:59 AM #8
- Join Date
- Apr 2014
- Posts
- 781
Got off the phone with the bank..its a mess. If the loan is forgivable to merchant the bank doesnt get reimbursed unless it goes on the balance sheet.
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04-03-2020, 12:12 PM #9
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04-03-2020, 10:06 AM #10
- Join Date
- Aug 2016
- Posts
- 486
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04-03-2020, 10:12 AM #11
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,481
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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