[Yankeeman07]

Client makes $20M yearly ~$1.5M monthly
Credit: 820
Loans: Paypal and Kabbage
Recently secured EIDL for $150k.


Client originally was looking for an SBA of $350k, but understands the inconveniences that come with them. The need for collateral, a lot paperwork and funding time. That being said he is open to taking a cash advance due to convenience. He is used to Paypal rates and wants something comparable as that is what his margins can support. Who can fund this deal?

SBA 7(a) closes in the range of 30 to 60 days. A benefit of SBA 7(a) is that 1st 6 months payments are paid by the SBA.

I would check your info from the merchant EIDL does not fund up to $150K - they either received PPP $$ or possibly an SBA Bridge Loan?

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesse.

Moving forward, this owner should qualify for long-term funding. I rep for an SBA Bank, call me to discuss options.

[Quick Funding Solutions]

SBA 7(a) closes in the range of 30 to 60 days. A benefit of SBA 7(a) is that 1st 6 months payments are paid by the SBA.

I would check your info from the merchant EIDL does not fund up to $150K - they either received PPP $$ or possibly an SBA Bridge Loan?

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesse.

Moving forward, this owner should qualify for long-term funding. I rep for an SBA Bank, call me to discuss options.

This is incorrect information. The EIDL is currently providing loans up to 150k (2MM for agriculture). The 10k that you referenced is an advance (grant) that business owners can receive regardless of whether or not they get approved for the loan.

[sigmundpannu]

This is incorrect information. The EIDL is currently providing loans up to 150k (2MM for agriculture). The 10k that you referenced is an advance (grant) that business owners can receive regardless of whether or not they get approved for the loan.

EIdL is NOT doing $2mm on ag deals. It’s doing $150k max PER entity that you own with an aggregate of $2mm

[Yankeeman07]

This is incorrect information. The EIDL is currently providing loans up to 150k (2MM for agriculture). The 10k that you referenced is an advance (grant) that business owners can receive regardless of whether or not they get approved for the loan.

So your stating that the advance is a "GRANT" that does not have to be paid back?