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re: Didn’t get PPP, what now?
Posted on 4/16/20 at 3:21 pm to medtiger
Posted on 4/16/20 at 3:21 pm to medtiger
quote:
It would be nice to get a list of banks that did well with this so those of us that weren't funded get an idea of where to go next.
Anecdotal based on things I've seen and heard here in Bham, but it seems the smaller, local banks had much more success than the big banks. Guessing because a lot of the applications were processed by a smaller team of folks, whereas the applications through bigger banks got thrown into a stack and worked as they could by folks all over the place.
My CPA buddy said none of the Regions applications he did for clients, while every one he did with a smaller, local bank got funded.
1
Posted on 4/16/20 at 4:05 pm to The Spleen
We’ll do $15mm in revenue this yr and have 32 employees in total between salary and hourly folks. Our process with Synovous over here in ATL was pretty great. Our banker was telling us what a nightmare they were experiencing with companies just sending them all kinds of information that was irrelevant to the application process. I can only imagine. Luckily, we have a strong controller who did a great job pulling everything together. It absolutely helped us but we’re also lucky our bank seemingly had its stuff together. I’ve been frustrated with them for a while due to a real estate purchase they drug out but now I’m glad we waited to flip our business. Will probably just initiate a new relationship for real estate deals and keep our business banking with Synovous. Having multiple relationships is a good thing and will help us use them as a tool.
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