It appears Bank of America may have ended our company

Sign up, and CougarBoard will remember which categories you want to view. Sign up

Report problem with this ad

Apr 3, 2020
8:32:28am

boogers Intervention Needed

It appears Bank of America may have ended our company

We've used them for banking an payroll for years but never had a loan or CC with them. No loan for us from them...now scrambling to find out how we can get assistance through another source, but we are hearing odds are slim if you don't have a relationship already.

Bank of America is taking #PPPloan applications, but only if the small biz already has a checking AND lending relationship with the bank.

So if you're a small biz that never before needed a loan, you're out of luck.
— Dan Primack (@danprimack) April 3, 2020

https://twitter.com/danprimack/status/1246081271102615552

Report problem with this ad

boogers

Bio page: boogers
Joined: Dec 26, 2013
Last login: Dec 2, 2021
Total posts: 27,870 (1,324 FO)

Report problem with this ad

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

4/3/20 9:27am

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad