Results 1 to 8 of 8
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04-21-2021, 01:07 PM #1
- Join Date
- Nov 2020
- Posts
- 66
Is PPP Still Negatively Impacting MCA?
With PPP being extended, are you guys still seeing your MCA business struggling?
Matt Spinelli
ISO Manager
Spartan Capital
201-907-4042
matt@spartancapitalgroup.com
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04-21-2021, 01:35 PM #2
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
EIDL is also a factor @ 3.75% for 30 years
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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04-21-2021, 01:38 PM #3
- Join Date
- Apr 2021
- Posts
- 45
This month has been so slow. I am calling my renewals 5 times a day. All they mention is PPP and EIDL. I am getting crushed.
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04-21-2021, 01:59 PM #4
Diversify your product offerings!
We slowed down a bit but overall posted YoY growth during the pandemic. Over the last few months our applications, approvals, fundings have been significantly trending upwards as well.
Business owners have put off purchasing equipment during the pandemic. With more people getting vaccinated and states reopening further we only expect it to get busier.
Find out if your clients have an equipment purchase on the radar and if they do, give me a call.
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04-21-2021, 02:43 PM #5
- Join Date
- Aug 2016
- Posts
- 831
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04-21-2021, 03:05 PM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
I have multiple streams of income, and if a broker is being honest with a merchant - it is tough to argue that an MCA is better than an IEDL.
EIDL can be approved up to $500K - and if they have larger funding requirements, than I'm into SBA 7(a) territory.
I have more conversation with business owners purchasing their commercial building or they have considered a purchase
SBA is 6% for long term funding.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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04-21-2021, 03:12 PM #7
- Join Date
- Nov 2018
- Posts
- 1
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04-22-2021, 11:51 PM #8
- Join Date
- Dec 2018
- Posts
- 19
Just take a look at where your subs level is at today compared with prior PPP round 2 started. Then you got the answer.