[cmarks]

The. Banks. Don’t. Want. To. Participate.

Why? Do you think banks are in the business or turning down the profits? No. And stop with this whole “it takes minimal amount of manpower” aspect. It is the bank who also has to deal with the forgiveness aspect on the backend. That will take considerable amount of manpower (which costs the bank money).

Try this: call 10 banks and ask them if you can send them referrals for PPP and you want nothing in return. 10 out of 10 will tell you they aren’t interested. Then ask yourself, if this is worth it for them, why are they turning away referrals.

Let me tell you, I’ve been brokering for 15 years. The majority of the stuff I broker is conventional and SBA loans. I have contacts with just about every conventional/SBA lender there is. We have contacted all of them in the past weeks preparing for this. I literally have just a handful that are accepting my referrals on this.


**Update**

Just after I posted above I literally just got word from one of the few that were accepting outside clients saying that Crestmark Bank has just opted out of the program due to “final program guidance”.

banks are being greedy when business owners need them. they want to turn a profit sure, but they wont be able to lend money if all their clients go out of business.
And yes, we have all heard not many banks are taking broker apps or paying fees, still today is the first day... stay tuned