Has anyone had luck moving forward with a new SBA loan since COVID-19?

by a searcher from Texas A&M University

4 years ago

I wanted to better understand my senior lending options as well as current changes to the SBA loan program. I've reached out to a few banks (CBIC & Live Oak), but have not had any success in making contact. I understand most banks are concerned with current loans as well as the CAREs act, but has anyone had success on new SBA loan applications/contacts?

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lender from University of Missouri - Columbia

Terrance, unless the target acquisition was impacted directly by the coronavirus/shut down, that comment should be a warning signal from your lender. Email me if you would like to discuss (colin.mcnulty@cibc,com) . PPP will have an impact on timing of close for any lender who has even a remote relationship with their customers after they close. However, killing a deal would likely mean bigger issues. I would not say this time is normal by any means, and if that is stated by a lender know they would be a ghost post close to help you navigate things like PPP when it really matters. My 40+ clients and I have had near daily calls/emails/texts over the last 3 weeks so I cannot imagine thinking this is a normal time. We are committed to making sure our clients are helped through this mess. However, we are still doing new loans as long as patience is available.

4 years ago | like reply | 1 like

lender from University of Missouri - Columbia

thanks Malcolm for the plug. James, I was bogged down with PPP applications for my existing clients until yesterday morning. I don't transfer credits post close to junior people so that took up a lot of my time. Most of my customers will have their funds in the next few days so I will be ready to discuss new money. Just emailed you to see if you are free tomorrow. --@----.com

4 years ago | like reply | 1 like

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