Results 1 to 24 of 24
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01-03-2021, 04:30 PM #1
Reputation points: 222781
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- Feb 2017
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- 3,382
PPP Customer Service
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.
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01-03-2021, 07:47 PM #2
Reputation points: 8536
- Join Date
- Dec 2015
- Location
- Los Angeles, CA
- Posts
- 121
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.
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01-04-2021, 09:08 AM #3
Reputation points: 4457
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 261
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.
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01-05-2021, 08:42 AM #4
Reputation points: 39236
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 470
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.
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01-08-2021, 09:35 AM #5
Reputation points: 8536
- Join Date
- Dec 2015
- Location
- Los Angeles, CA
- Posts
- 121
UPDATE: BV is suspending LOC and Factor options at 5pm PST today to focus efforts on 2nd round of PPP distribution.
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01-08-2021, 09:48 AM #6
Reputation points: 338241
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,470
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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01-08-2021, 12:19 PM #7
Reputation points: 8536
- Join Date
- Dec 2015
- Location
- Los Angeles, CA
- Posts
- 121
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.
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01-08-2021, 12:37 PM #8
Reputation points: 28835
- Join Date
- Feb 2019
- Posts
- 209
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01-08-2021, 01:00 PM #9
Reputation points: 305250
- Join Date
- Jun 2015
- Posts
- 3,316
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01-08-2021, 01:01 PM #10
Reputation points: 305250
- Join Date
- Jun 2015
- Posts
- 3,316
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01-08-2021, 05:14 PM #11
Reputation points: 39236
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 470
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
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01-10-2021, 09:49 AM #12
Reputation points: 222781
- Join Date
- Feb 2017
- Posts
- 3,382
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
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01-11-2021, 08:35 AM #13
Reputation points: 14491
- Join Date
- Apr 2020
- Posts
- 122
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.
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01-11-2021, 01:34 PM #14
Reputation points: 3646
- Join Date
- Oct 2017
- Posts
- 62
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.
CapFront
210 Old Country Rd, Ste 101
Garden City, NY 11501
P:844-466-6394
info@capfront.net
www.capfront.net
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01-11-2021, 04:11 PM #15
Reputation points: 39236
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 470
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02-05-2021, 11:05 AM #16
Reputation points: 967
- Join Date
- Sep 2018
- Posts
- 5
SmartBiz SUCKS to work with. They have no communication skills and nobody over there picks up the phone.
Honestly, they're hacks.
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02-06-2021, 10:24 PM #17
Reputation points: 81657
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,905
Short Version - There is no $$ for PPP Loans for brokers.
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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04-28-2021, 12:18 PM #18
Reputation points: 10
- Join Date
- Oct 2020
- Posts
- 4
Micah,
Have you seen the latest switch up on the Smartbiz Loans PPP Commissions? Where It caps the fees @1% instead of what they have been telling everyone for months "Loans up to $50,000 = 16.7% of Fees Paid to Lender" How do offices feel about the recent change and unclear communication?Last edited by Jeremiah; 04-28-2021 at 12:27 PM.
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04-28-2021, 12:30 PM #19
Reputation points: 222781
- Join Date
- Feb 2017
- Posts
- 3,382
I honestly wasn't working on the PPP very much, and I also wasn't working SmartBiz on them, I had another person to help me with the ones I did need to do. If they were a bait and switch, look at the contract, contact them directly and complain, and get others who have been submitting through them heavily to complain that they move their business elsewhere. Power in numbers.
Someone in Toronto tried changing my payout structure on me for some cannabis Bitcoin processing that we were doing together, and when he "informed" me of his decision to pay me less and not give me an accounting for it, and our contract was clearly different..... well, I have to take him to small claims court in Toronto.
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04-28-2021, 01:21 PM #20
Reputation points: 81657
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,905
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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04-28-2021, 01:35 PM #21
Reputation points: 305250
- Join Date
- Jun 2015
- Posts
- 3,316
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04-29-2021, 11:17 AM #22
Reputation points: 10
- Join Date
- Oct 2020
- Posts
- 4
Up until recently they had been emailing Loans up to $50,000 = "16.7% of Fees Paid to Lender" Which lenders are paid $2,500 or 50% of the principal whichever is the lesser. So it should equate to about $417 for PPP from 5k-50k. Which is a huge difference.
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04-29-2021, 11:20 AM #23
Reputation points: 10
- Join Date
- Oct 2020
- Posts
- 4
They emailed an update on 4/22. you can also google their terms and conditions which were just updated 4/21/21. It lays out the whole structure there
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04-29-2021, 12:38 PM #24
Reputation points: 222781
- Join Date
- Feb 2017
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The lender is paid 5%, but the brokers are paid 1% (or less, with the $350,000 limits). It could be that their marketing emails were a mistake? I obviously understood that they meant a percentage paid to the broker since they're co-brokering with you. Which is exactly why I put my PPP loans through another channel.
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