April 18th Poll: CARES Money Starts To Get To Business Owners In Need
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I feel that who you bank with had a great influence on if you are getting money. It seems that small companies (mine included) who bank with smaller regional banks were able to get the app submitted and get approval quicker than your large corporate banks( Chase, Bank of America, Wells Fargo)
Many large banks were overwhelmed with apps and it was a slow and prolonged process. This is a huge win for small regional banks who were able to service their clients in a quick and timely fasion.
4 Replies
Therese Uthes
from Lakeside Insurance
I think you are correct. I currently bank with Chase but I will be switching.
Maria Fehl
from Fehl Construction Inc
Agreed that it is who you bank with. We were approved through a small bank not our bank which is Wells Fargo. If the small bank that funded us requests that we move accounts to their bank we intend to do so.
Diana Beabout
from Glow Up Blowout Bar
That makes complete sense. I bank with Chase and applied as soon as I could. About a week later I got an email that they were reviewing my application. Then yesterday I get another email that the money is all gone, but if more gets approved, I’m in line to get some. They say they have a 4 step approval process, and I’m currently in 2. 3 is approval and 4 is actually getting the money.
Herbert Spencer
from TraitWare Inc.
It looks like a big win for regional banks. We made a mistake in not moving to one from a large banks.
John Nikoloff
from ERG Partners
I agree-regional and Community Banks were on top of this.