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Apr 3, 2020
8:37
:29
am
Superman21
All-American
Banks are being compensated a % of the loan amount based on loan size.
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Superman21
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Superman21
Joined
Jun 16, 2014
Last login
Jun 14, 2024
Total posts
5,438 (124 FO)
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Messages
Author
Time
It appears Bank of America may have ended our company
boogers
4/3/20 8:32am
I’d contact a local bank. It’s no risk for them.
AFCougK9
4/3/20 8:33am
Many small banks won’t do the loan because it’s so low interest.
BYUCLA
4/3/20 8:35am
Banks are being compensated a % of the loan amount based on loan size.
Superman21
4/3/20 8:37am
I received updated info. Wells Fargo holds our loan. They were told they could
grandpacoug
4/3/20 8:53am
We will do it. We just have to open a business deposit account which we can do
Superman21
4/3/20 9:19am
They’ll likely do loans for others soon after the initial wave passes
BYUCLA
4/3/20 8:33am
Each institution has a certain amount of Fed. funds allocated. B of A already
boogers
4/3/20 8:35am
Secretary Mnuchin said that if the funds run out Congress will go right back to
BYUCLA
4/3/20 8:36am
Where are you getting application #s?
Superman21
4/3/20 8:38am
People I'm talking to worry that the money will be gone by Monday.
YSMACK
4/3/20 8:39am
They’ll add more if that happens
BYUCLA
4/3/20 8:41am
Hopefully, but I wouldn't rely on that.
YSMACK
4/3/20 8:47am
I’m sure it will be.
Superman21
4/3/20 8:41am
Received that email this morning, and reached out to the local branch
ORCoug
4/3/20 8:38am
We only require you have a business bank account with us to apply.
Superman21
4/3/20 8:40am
Nope. Confirmed in branch too.
boogers
4/3/20 8:58am
Wow. Unbelievably poor decision.
ORCoug
4/3/20 9:21am
I'm not eligible despite them carrying my practice loan and my primary business
AFCougK9
4/3/20 9:28am
Other banks will do it. Google "SBA section 7 banks"
byujdmba
4/3/20 8:39am
BofA treats customers horribly. After the financial crisis, I swore never to do
Archaea
4/3/20 8:40am
Lendio
GlebBaser
4/3/20 9:04am
Looks like a great time to move to a smaller local bank
Turnpike Lane
4/3/20 9:27am
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