Friday, April 03, 2020

SBA 7(a) Loan info (PPP)

Gathered some info for SBA loans. Your mileage may vary.

UPDATED o 4/23/2020:

new PPP funds may be coming. Community Banks were the best bet. Go open an account TODAY!!!!

Oklahoma State Bank is accepting non-customers nationally
Contact: Jim Canton Email:

Harvest is accepting non-customers nationally; Minimum loan amount of $20,000 (minimum annual payroll or 1099 of $96,000)


CFO group that can help with your data for applications: CFO Alliance

FINTECH firms are pitching in.

Divvy is helping small businesses with PPP loan apps HERE.

Kabbage is helping with PPP HERE.

Intuit and Square may be able to help with PPP - see channele2e. SQUARE link. Intuit link.

Loan alternatives from channele2e.

******SIDE NOTE ********
My bank is WF. They originally said they were full. Then they sent me an email to pre-apply. Then a few days later (yesterday) to apply. So I did. Archaic site that shunts you over to Docusign. But submitted. I also submitted at Kabbage and a Tampa community bank. There has never been a more important time to have a regional bank in your corner!!! Go open an account with $1000!


Salesforce has small business grants HERE

Cisco Capital is offering $2.5B in financing. HERE

COVID-19 resources from Cloud Comm Alliance HERE

Original post:

The CARE Act of 2020 included Paycheck Protection Program (PPP), an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

Which banks are ready (as of 4/2/2020) HERE and THERE.

The application form is here on the PPP site.

Types of 7(a) loans by SBA (and info on the collateral and terms). You have to apply with an approved lender. Ask your business banker!

SBA 7(a) Working Capital or Debt Consolidation Loans from $30,000 to $350,000 from Smartbiz includes fees, eligibility and rates. Generally speaking, SBA loan credit score minimums typically fall somewhere around 620-640+.

What do you need to apply for an SBA loan? see the list here

Guide to apply for SBA loans.

PE firm has some info about the PPP loans as well as a calculator HERE.

Channele2e is updating info on PPP HERE.

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