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04-07-2020, 01:49 PM #10
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
These are essentially emergency loans that are "backed" by the FEDS and sponsored by the FEDS. That being said, they will want to insure the funds are being used for purposes intended. Having the ability to agent, principal, service the loan is one thing. You will have to have the ability to track where the funds went. Having depository capability that can track where funds are going is a must. I would not b surprised if some banks require a separate bank account be sent up just to track funds from the programs to insure funds are being used as intended.
There more to this than just deploying or acting as agent for the loans.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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