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Buckeye business owners

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Bill Lucas

Assistant Coach
I’m not sure how many of you are looking to get a PPP loan to help you get through this. If you are, and like me have been frustrated with dealing with larger banks and their black hole of no information I may be able to help.

We filed an application through the PNC portal last Saturday after it opened. We provided all documentation up front to complete the loan process. Black hole. No communication. No response to calls. No response to emails. Nothing. Like many small businesses across the country our business is down. Way down. So I decided to do something about it.

Today I connected with a small bank in south Texas. I dealt with the president of the bank directly. I submitted my application with him. I was just hoping to get an SBA loan number and get the ball rolling. Instead in less than two hours I got a full loan approval for a PPP loan.

If any of you are dealing with similar frustrations send me an email at [email protected] and I’ll put you in touch with Robert. You will deal directly with the president of the bank and he will take care of you. He’s earned me as a customer for life.
 
If I can just get the receivables I have currently invoiced and get the funds from the PPP loan I have my guys paid into July with zero new business coming in. The good news is that isn't happening as I'm starting to see new work to quote. We just need the delays on the projects lifted. The PPP loan is a godsend for us. We don't see something and immediately get paid. We win a project, then have to fund the project, then have to do the work and then we can invoice. Once we invoice we get to wait 30-45 days generally to get paid. Welcome to the world of doing commercial and government projects.

Thanks for you kind words. We'll get through it. Without that PPP loan things would be getting pretty ugly about 60 days out. We need time to regenerate our receivables pipeline and cover the big gaping hole in it.
 
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Bill Lucas said:
If I can just get the receivables I have currently invoiced and get the funds from the PPP loan I have my guys paid into July with zero new business coming in. The good news is that isn't happening as I'm starting to see new work to quote. We just need the delays on the projects lifted. The PPP loan is a godsend for us. We don't see something and immediately get paid. We win a project, then have to fund the project, then have to do the work and then we can invoice. Once we invoice we get to wait 30-45 days generally to get paid. Welcome to the world of doing commercial and government projects.

Thanks for you kind words. We'll get through it. Without that PPP loan things would be getting pretty ugly about 60 days out. We need time to regenerate our receivables pipeline and cover the big gaping hole in it.
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Same boat as you Bill. Wish I would have seen your post earlier. Been helping out a couple others in the Covid forum. After the run around from Chase, we used a small bank as well, and were approved very quickly. We applied for the SBA direct loan from the first stimulus package as well, but it sounds like all that money has dried up already.
 
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We just got funded today. Started the process a couple weeks ago with my bank Synovus. Now we are trying to figure out the qualifiers for the debt forgiveness. Given that my businesses (bowling centers) are currently closed I need to be smart with the cash. I guess that's a "good problem".

Still have an EIDL in process. We'll see where that takes us.

Good luck to rest of my Buckeye brothers. Can't wait for this nightmare to end .....
 
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My business (engineering consulting firm) has banked with a smaller Colorado bank since our inception in '04. They were somewhat slower to roll out the PPP app process, but I received an email a week ago Sunday that as a 'preferred' and existing cusomer, I could apply before they opened it up on Monday morning. So, I got our stuff in and a few days later received word that we had secured approval from SBA for our loan. Haven't closed on it yet, but I'm optimistic we're set.

Also glad that we still have work coming in as construction is still moving forward on many projects and we're getting new RFPs too, so I can't complain...
 
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Bill Lucas said:
I’m not sure how many of you are looking to get a PPP loan to help you get through this. If you are, and like me have been frustrated with dealing with larger banks and their black hole of no information I may be able to help.

We filed an application through the PNC portal last Saturday after it opened. We provided all documentation up front to complete the loan process. Black hole. No communication. No response to calls. No response to emails. Nothing. Like many small businesses across the country our business is down. Way down. So I decided to do something about it.

Today I connected with a small bank in south Texas. I dealt with the president of the bank directly. I submitted my application with him. I was just hoping to get an SBA loan number and get the ball rolling. Instead in less than two hours I got a full loan approval for a PPP loan.

If any of you are dealing with similar frustrations send me an email at [email protected] and I’ll put you in touch with Robert. You will deal directly with the president of the bank and he will take care of you. He’s earned me as a customer for life.
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:lol:

I thought this was spam until I saw it was you.
 
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I was afraid it might come across that way to some. If anyone still is struggling with their bank and a PPP loan shoot me an email.

Sadly, I have a good friend (who Jax has met) that is a doctor and he's just sitting waiting for PNC to call with his approval. You can lead a dumbass to water but you can't make him drink.
 
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Talked to a buddy last week who is a commercial banker with a small bank. He said the issue is big banks have to hand enter all the information, just like small banks do. Larger banks have more loan requests but not the staff to process the request, and that's why smaller banks have been more responsive.
 
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I have been asked to pump the brakes on referrals for now. It appears that I've overloaded this little bank in Texas. As soon as they get caught up I'll post that I can again refer business to them. In the meantime, if anyone knows of a smaller bank that can help people out I can some referrals for them. To any that want to apply and get a PPP loan. These loans can go across state lines. If you can locate a small bank anywhere is the US that's looking to do PPP loans there are no restrictions.
 
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FCollinsBuckeye said:
I just Docusigned my PPP loan closing docs. It's the tiniest sliver of a drop in the bucket for this absurdly huge gov't package, but I'll sleep better for the next few months knowing I can cover payroll and pay my three employees (and myself :wink:

Got my stimulus $$ today too, so I'm feeling like a f'n welfare king up in here. haha
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Signed loan docs and funded today as well. Anxiety level went from 10 to 1. Very stressful situation. I hope Congress acts quickly to make sure adequate funding is available for every small business owner affected by the shutdown.
 
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