JP Morgan Chase Turns Its Back on Small Business Clients
Posted by:
I'm actually satisfied with the way Chase handled my application. I am dissatisfied with the way the SBA didn't prioritize small biz in setting up the program. They should have started bottom up with the smallest loan requests and worked their way up so the big banks couldn't do the opposite.
I'm also angry that a business with 500 employees is considered "small biz".
In other countries, it's below 100 employees. They should set up a category for "mid-sized from 200-500, with different parameters for assistance in normal and crisis times.
2 Replies
Patricia Ingraldi
from Daniel Gale Sotheby's International Realty - Rockville Centre, NY
You are so right about that!!
Tracy Wilke
from G H Wilke & Co
I agree 100%. Why didn't they do a tiered hand out so the big banks could feast on everything first? The SBA required a ton of paperwork, which I bent over backwards to get since our CPA was in the process of finishing our taxes. The bank referred by the SBA emailed a "hint" that we should try our local bank. Then they said they're done with it, and when I asked if they were keeping our applications for the next funding round like other banks, they said "no". Go somewhere else, we can't help you.
Related discussions