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04-02-2020, 04:11 PM #1
- Join Date
- Apr 2017
- Posts
- 127
"non essential" businesses that are currently open and operating
What lenders are funding "non essential" businesses that are still open and operating?
We have a deal doing well over $100k monthly and has payments coming in for $80k + $50k this month, and more payments coming in next month.
Super clean deal but is getting declined for being non essential.
No drop in revenue since COVID has started going on.
Totally understand not funding a non-essential business if the business is closed or had a drop in revenue. That makes complete sense.
But this business hasn't been affected at all by COVID. They are open and operating and have revenue coming in consistently with no drop in sales.
Are there any direct lenders out there still using common sense when underwriting deals?
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04-02-2020, 05:05 PM #2
- Join Date
- Feb 2018
- Posts
- 1,349
after reading that kabbage stopped funding, and, is pivoting to PPP loans, it pretty much says it all of where the bigs are going to for the next 3 months. think thru this, they have a enormous database of existing customers and new applicants daily. they can literally send emails direct to them for PPP and collect 5% per loan with no balance sheet risk - that goes for all fintechs who are approved to be sba lenders for this program
Last edited by fundingsmbs; 04-02-2020 at 05:16 PM.
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04-02-2020, 05:36 PM #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,485
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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