Looks like a great time to move to a smaller local bank

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Apr 3, 2020
9:27:26am

Turnpike Lane Monday Morning Quarterback

Looks like a great time to move to a smaller local bank

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Turnpike Lane

Previous username: lawboy
Bio page: Turnpike Lane
Joined: Dec 14, 2004
Last login: Oct 15, 2023
Total posts: 124,282 (29,256 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

4/3/20 9:27am

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