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04-27-2020, 02:28 PM #1
- Join Date
- May 2018
- Posts
- 70
Who wants our PPP applications?
We're generating 50-100 PPP applications a day through our website. Most are complete with payroll documents, and we have a full sales team working stips, etc. We just don't have anywhere to send them. We don't have a network of direct SBA lenders and none of the brokers we've contacted thus far can handle the volume.
We're looking to work with a direct SBA lender, or if necessary we'll co-broker if you have a solid network of direct SBA lenders. Ideally, anyone we partner with will have a robust technology stack and processing team capable of handling our volume. We can set up direct API submissions right from our system into yours.
PM me if you are ready to go.
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04-27-2020, 02:57 PM #2
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- Feb 2018
- Posts
- 1,349
call a fintech the money will be gone very soon.
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04-27-2020, 03:32 PM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,961
PPP Applications cannot be handled via "Brokers" and I have doubts anyone should even be using 3rd party so-called FinTech Companies that claim they will submit PPP Applications.
The SBA has already posted on their web site , they are processing applications "in the queue on a first come, first-served basis." Also, many banks have also posted on their web sites, "new applications are NOT being accepted"
https://www.sba.gov/page/coronavirus...loan-resources
There are 2 options that are available if you are seeking an opportunity to monetize your data.
SBA 7(a) Loans - Micro Loans and SBA Disaster Relief Loans :
https://www.sba.gov/funding-programs...ba-debt-relief
I'm not aware of any SBA Lenders that are processing Micro Loans (maybe someone else on this forum can provide a lead) - The SBA Bank I rep for is accepting $>350K up to $5 Million.
Working Capital Loans - 10 year term @ 6% (estimated)
Commercial Real Estate - 25 Year Term @ Prime + up to 2.75% depending on file, loan size, etc.
You welcome to call me to discuss.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-27-2020, 03:47 PM #4
Who can be an agent? An agent is an authorized representative and can be:
• An attorney;
• An accountant;
• A consultant;
• Someone who prepares an applicant’s application for financial assistance and is
employed and compensated by the applicant;
• Someone who assists a lender with originating, disbursing, servicing, liquidating, or
litigating SBA loans;
• A loan broker; or
• Any other individual or entity representing an applicant by conducting business with the
SBA.
Treasury Lender Information Fact Sheet PDF LINK
Make sure you guys are actually reading the rules about this stuff before you go messing with it.
And just a piece of advise for anyone out there that thinks they're going to go down this road and get rich - that link has info on lender and agent compensation.
DO NOT "PSF" the client otherwise you're opening yourself up to a world of hurt.
Just thought I'd share since people in the MCA space think they can just do anything and rarely pay attention to actual regulations.
Anthony Diamond
Underwriter
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04-27-2020, 04:01 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,961
In real life, PPP applications cannot be handled by "Brokers" since they do not have a platform to submit
them to a SBA Bank or SBA Authorized Lender- and I'm including the so-called 3rd party FinTech that are telling merchants they will accept applications.
IMO, this new round of funding will be closed by the end of the week with the amount of applications already in the pipeline.
Brokers are spinning their wheels.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-27-2020, 04:06 PM #6
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- Oct 2016
- Posts
- 4,318
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04-27-2020, 04:17 PM #7
- Join Date
- Feb 2018
- Posts
- 1,349
and an article today said bankers are hitting their refresh button every 15 minutes as the systems aren't working.
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04-27-2020, 04:54 PM #8
- Join Date
- Jun 2015
- Posts
- 22
Why would you be advertising to accept ppp applications, if you do not even have a partner bank or fintech to submit the files? There is a good chance there are 10-30 businesses that are trusting you and not submitting them to their bank. Now they are guaranteed to get nothing.
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04-27-2020, 09:39 PM #9
- Join Date
- Aug 2014
- Posts
- 194
Does anyone know what level the SBA underwrites the bank/lender submission for the PPP?
Merchant of mine said that his bank approved all the docs he sent in and confirmed they submitted to SBA, he asked me do I know if the SBA does additional UW on the submission or do they rely on the bank/lender to do that and basically just auto approve it once it hits their system or do they re underwrite the file before approval/decline?
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04-27-2020, 09:48 PM #10
- Join Date
- Oct 2019
- Posts
- 49
Ill take them. It was a bad struggle sending complete files at the beginning, Corp, LLC Sole Prop, Self Employed Independent Contractors. Much smoother now.
Last edited by inacio; 04-27-2020 at 09:52 PM.
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04-28-2020, 04:13 AM #11
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- Dec 2017
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- 277
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04-28-2020, 08:53 AM #12
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- Mar 2014
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- Florida
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- 2,961
Michael - Sent you an email
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-28-2020, 08:55 AM #13
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,961
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-28-2020, 10:06 AM #14
- Join Date
- Oct 2019
- Posts
- 49
IvyLender or send them yourself
https://www.ivylender.app/s/?vLeadSo...naciodomniguez
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04-28-2020, 10:50 AM #15
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- Oct 2016
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- 4,318
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04-28-2020, 11:37 AM #16
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- Jun 2015
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- 3,325
Just spoke with a lawyer that applied with a bunch of random broker for ppp that sent an email of we will get you approved.This lawyer told me he does not think this late he will get it but he applied to sue when he does not.
Be careful on your wording making clear that you are not the new target of tcpa ........ that will take advantage of this
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04-28-2020, 11:41 AM #17
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
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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04-28-2020, 11:42 AM #18
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- Jun 2015
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- 3,325
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04-28-2020, 12:33 PM #19
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- Mar 2014
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- Florida
- Posts
- 2,961
That page is a landing page for someone that is using Sales Force plus there is an error in the coding:
https://www.ivylender.app/s/?vLeadSo...naciodomniguez
We can't launch this flow because of a variable error. Send this error message to your admin. The value null is being provided for variable vLeadSource but isn't compatible with the variable's data type (String). Check the places where you implemented the flow ‒ such as through a Lightning page or a custom button ‒ and make sure that all provided values are compatible with the variables' data types.
{"descriptor":"communitySetupLabel","value":"Salesforce Setup"},"myAccountLabel":{"descriptor":"myAccountLabel","value":"My Account"},"homeLabel":{"descriptor":"homeLabel","value":"Home"},"filterName":{"descriptor":"filterName","value":"MyCases"},"logoutLabel":{"descriptor":"logoutLabel","value":"Logout"}}}}]}}}}]}}}}]}}}}]}],"hs":true,"av":"48.0","cc":"$A.componentService.addComponentClass(\"layout://siteforce-generatedpage-Inner.c39\",function() {\nreturn {\n \"meta\":{\n \"name\":\"siteforce_generatedpage_Inner$c39\",\n \"extends\":\"markup://siteforceageLoader\"\n }\n};\n});\n"},{"xs":"PP","descriptor":"markup://ui:autocompleteOption","st":
BTW: No need for any merchant to use a 3rd party Broker to submit an EIDL -
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
https://www.sba.gov/funding-programs...rgency-advance
Last edited by Yankeeman07; 04-28-2020 at 04:31 PM.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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04-28-2020, 01:00 PM #20
Participating lenders have delegated authority. The SBA does not do any backend underwriting.
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04-28-2020, 03:20 PM #21
- Join Date
- Feb 2018
- Posts
- 1,349
if the supply chains allowed their brokers to participate in PPP like ODC, I think the broker community could have made some money during this. What we have seen is, the companies in our space have jumped on the opportunity but cutout their supply chain, the broker, from participating and helping their customers.
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04-28-2020, 06:09 PM #22
You either need to be a lender that's set up to process SBA applications or "broker" / "agent" of one directly (if not another form of an agent for the customer - cpa, lawyer, etc). I suppose any co-brokering would have to be worked out between the brokers, although I think it's frowned upon.
Only reason a lender would not accept brokered apps for PPP or the like would be because they have the volume, they have the process - they simply do not need / or can not handle more.
Otherwise, what's to stop a SBA lender taking on a broker with 100+ signed apps like the OP?
If it's just one clown of a broker/shop submitting random apps as they come in signed like MCA's - then I suppose it really doesn't make sense.Anthony Diamond
Underwriter
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04-28-2020, 06:35 PM #23
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- Oct 2016
- Posts
- 4,318
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04-28-2020, 08:30 PM #24
- Join Date
- Oct 2019
- Posts
- 49
Thats my link Ivy Lender, seems to be working fine for me.
https://www.ivylender.app/s/?vLeadSo...naciodomniguez
PPP was a bit of a nightmare for me. I started with southend with an agent agreement commission.
After 7 days applications not going no where Southend sent an email to me stating they wer not going to proceed with my applications, i didn't have no where to turn. Then Ondeck my current loan provider got approved to be a broker sending the PPP apps to their Lenders. They told us no Commission. At that point i didn't care i just wanted the applications to be funded so i sent my PPP apps to ondeck. So far so good all the merchants are getting correspondence and updates on status. with some looking like funding any day now. Then Ivy Lender came into play with a small commission for PPP.
Just trying to make it work and not wait for a handout.
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04-28-2020, 09:06 PM #25
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,961
On Deck was only approved last week - and there were zero funds.
Monday April 27, 2020 - @ 10:30 a.m. SBA started accepted applications.
So you are stating that in less than 24 hours you had PPP applications approved & funded thru OnDeck?
That is sure an amazing feat since on their web site they states the following:
If you have not already been approved for a PPP loan, you can apply now through OnDeck, even if you have put in a PPP application elsewhere. Applying for a PPP loan with OnDeck will not impact the status of any prior PPP applications you may have submitted. Please note that additional SBA funds for PPP are not yet available. We will begin submitting applications to the SBA once funding has been approved and released. Applications from existing OnDeck customers may be prioritized over non-customers for submission to the SBA.
This article was posted on DeBanked:
https://debanked.com/2020/04/online-...-be-refreshed/Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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