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04-07-2020, 12:32 PM #11
Reputation points: 338677
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,477
Chris,
The only reason a non-participating bank or fintech would apply to be a participant is a customer grab. They think that they can grab depository relationships from other banks that were either overwhelmed with PPP or refused the client for one reason or another. It's a great thought, but they are NOT going to make any money on this product alone and are bottom feeding. There might be other reasons for non-banks to apply for participation or act as a broker.....to grab information from the customers needing PPP for other purposes. All eyes are on this program. If anyone does anything nefarious they will go down hard and fast.
I have been saying for weeks...... If you think you are going to make any money off these programs as a lender, agent, or broker.....you are wasting your time. Time is better served trying to help clients in other ways.
KHKevin 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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