[abfunders]

I might have access to an amazing set of leads for PPP through a banker friend of mine. ON CONDITION that there is a "human being" behind it, or at least there is a good status update. I didn't jump on the PPP bandwagon the first time, so I don't know anyone's experiences. I heard complaints that Kabbage didn't have a good portal and wasn't able to update people in real time. Sometimes the applications weren't cookie-cutter, and they needed help. Did anyone have any really GOOD feedback from a partner? I'm signed up with Bluevine and SmartBiz, so I definitely want to hear feedback about them specifically.

[getitfunded]

Bluevine's portal had bugs where it wouldn't let the client upload documents or clear tasks (but showed on BV's end, or sometimes didn't) which resulted in numerous calls from merchants seeking help. In addition to that, if the merchant put the wrong info in there was no way to fix it, you would would need to instruct them to create a new email and then re-apply because their primary email would now be taken in the system with the account unable to move forward.

If the application was submitted properly than it went pretty quick (48-hours) but if anything was off (which there is no way to tell from your portal) then the application would sit in the queue as pending/incomplete while your merchants called for updates and you had no answers (because sometimes things would be done properly but the portal would block them from advancing). Because they were so backed up, any support request would take a couple days before BV could get back to you.

In addition to all that, BV is a processor not a bank for PPP and is only collecting 1% - 2% of the processing fee and only paying you 0.25% of what they collect.

P.S. I don't think they are doing PPP this time, I got an email stating that they had no updates regarding their involvement in this round.

[SBF]

We worked through a small community bank and it was surprisingly very smooth. No portal, just emailing loan officer directly. They ended up getting very overwhelmed and decided to end their participation on June 30th. We then transitioned to a large (non-bank), SBA lender.. again, no portal, but it went well. We were comp'd 1% of each loan. I must say it was very very time consuming. The income didn't come close to covering my time and expenses, but it was still worth it. The knowledge and relationships that were gained, are priceless.

[Steven_O]

Call Scott Diberardinis at the NACLB. I used their partner Prime Commercial Lending for my clients in the last round. I uploaded all of the information they requested and the bank directly contacted the client and ran the whole process. A couple of months later I got a check in the mail, that I never expected... stand up guys.

[getitfunded]

UPDATE: BV is suspending LOC and Factor options at 5pm PST today to focus efforts on 2nd round of PPP distribution.

[Kevin Henry-Seacoast]

UPDATE: BV is suspending LOC and Factor options at 5pm PST today to focus efforts on 2nd round of PPP distribution.

Why would any funder/factor suspend normal operations to process PPP applications???? That is stepping over dollars to pick up pennies......

[getitfunded]

Absolutely no idea...

Get your LOC and Factor deals submitted/approved today though, they will only service existing clients and submissions made before the cutoff.

[mistamca]

Why would any funder/factor suspend normal operations to process PPP applications???? That is stepping over dollars to pick up pennies......

It is a genius move imo. They are going to be paid a good bit to generate a massive lead list of SMBs in the US with a ton of data. They have the opportunity to a lot of new relationships with very little downside.

[Michael I]

Call Scott Diberardinis at the NACLB. I used their partner Prime Commercial Lending for my clients in the last round. I uploaded all of the information they requested and the bank directly contacted the client and ran the whole process. A couple of months later I got a check in the mail, that I never expected... stand up guys.

Did they give you a breakdown of the check with the names of who they funded and how much ?

[Michael I]

Why would any funder/factor suspend normal operations to process PPP applications???? That is stepping over dollars to pick up pennies......

because they have been barely funding and probably lost to much during pandemic to get back to normal funding.Thats why they are focusing on becoming a bank and ppp

[Steven_O]

Did they give you a breakdown of the check with the names of who they funded and how much ?

YES. Full accountability. They paid what they said. Webinar today gave details on round 2. Even smoother... It opens Monday, if you want to get in before then message me and I'll put you in touch with the right person/links/partner agreements... for a $500 fee via Zelle. LOL. LMK.

Edit was to add my phone number: 786-712-4900.

Steven Ruiz
Presto Prestamo, LLC

[abfunders]

So it appears that everyone (Bluevine/Kabbage/SmartBiz) are signing up with Crossriver Bank, and then profit-sharing.
Crossriver bank was the #4 originator of total loans in the first round. They upped their game and added a whole Salesforce connectivity.
The question is - how much are they paying?

Because here's what I got from SmartBiz, and I think that this is VERY generous if the banks are only paying 1 point on sub-$350,000 like they did last time:

Fee Payment to Partner per Funded Loan Amount
Loans greater than $2,000,000 = 0.167%
Loans greater than $350,000 and up to $2,000,000 = 0.50%
Loans greater than $50,000 and up to $350,000 = 0.83%
Loans up to $50,000 = 16.7% of Fees Paid to Lender

[brandon_]

Cross River pays 1% up to $350k, .5% up to $2M and nothing above $2M. Have to give them a $50M commitment for them to work with you otherwise they won't pay anything is what I was told.

[capfront]

Any feedback on SmartBiz's process? BlueVine went pretty well last time, all things considered, but SmartBiz's payout is considerably more generous for loans over $50K. I'm just wondering if there are any catches, like it being more time-intensive/involved for the broker.

[Steven_O]

Any feedback on SmartBiz's process? BlueVine went pretty well last time, all things considered, but SmartBiz's payout is considerably more generous for loans over $50K. I'm just wondering if there are any catches, like it being more time-intensive/involved for the broker.

When I read Smartbiz payout it reads like this: We get paid 1% for deals under $350k... you get paid 16% of that. I think I read that average PPP loan is $100k... so... approx $160.