Our recent anecdotal evidence shows that there is a logjam with most banks due to the overwhelming amount of disaster relief applications.
The Washington Post spelled it out in their interview with Small Business Administration director who blasts banks over failure to quickly distribute loans. Nevada district director Joseph Amato criticized big banks for failing to quickly distribute loans to small businesses during a web presentation posted on April 6 and later shared with The Post. GPA Capital works hard to vet our bank alliances – we know the performing ones.
Some bank lenders, as well as private equity funds, have put a hiatus on lending as they are analyzing investments in view of the proposed recovery. Will the recovery be “V” or “__”? Whereas this may be perceived as bad news, the good news is that GPA Capital has been reaching out through its network to bring lenders back to the table for well structured, self liquidating loans. Meaning, a strong exit strategy using strong compensating factors. Call us to discuss 877-247-2776. In the meantime, here are 8 things to consider to improve your funding chances.