|
In response to
"Related (don't be shocked znu!): Looks like banks shuffled the loan process to give these big companies money first so they could collect more fees -- (link)"
by
decline
|
Based on what I saw from our bank clients, I think the larger customers had the advantage of personal relationships at the banks. I don't think it
Posted by
pmb (aka pmb)
Apr 21 '20, 09:14
|
was a scheme. Basically, most banks have a small SBA lending department. They were completely overwhelmed, so they farmed them out to the groups within the bank that managed the relationships with those customers. Smaller accounts probably don't have that kind of access and get thrown into a bigger pile for review by a smaller group. So it's not the outcome you would prefer, but I really don't think there was a plan by banks to have that happen. At least that was my experience with those banks and others. And anecdotally friends and family that tried through community banks found that some of them could not ramp up to get them done at all. My sister's bank submitted exactly 0 for approval. They are taking all the applications now and planning to submit immediately for round 2.
|