[WestCoastFunding]

Has anyone heard of any owners getting approvals yet for the Disaster Loans? Are they getting feedback from SBA for application process?

Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.

[cmarks]

Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.

Yea understand, had a guy apply for both, but can they accept both if approved?

[Kevin Henry-Seacoast]

Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.

SBA is a great program used properly. The challenge right now is getting any of them approved at any level with any institution. You better give your client options in this environment because time is not their friend. Use your head and give them several available financing options that have CERTAINTY to close.

[WestCoastFunding]

SBA is a great program used properly. The challenge right now is getting any of them approved at any level with any institution. You better give your client options in this environment because time is not their friend. Use your head and give them several available financing options that have CERTAINTY to close.

The legislation I’ve seen would have the enhancement will increase the govt guarantees to 100%. If that ends up being the case, I don’t see why any institution would have issues approving qualified borrowers.

[Kevin Henry-Seacoast]

The legislation I’ve seen would have the enhancement will increase the govt guarantees to 100%. If that ends up being the case, I don’t see why any institution would have issues approving qualified borrowers.

Most of the SBAs for small businesses are backed by the Feds, but most are approved and managed by smaller community banks or non-bank institutions. Since a large amount of smaller institutions are working to serve current clients and manage their portfolios it is going to be difficult closing a lot of these offerings considering the environment.

Everyone and their Dutch Uncle has been pushing SBAs for the last week. That is one busy highway......

KH