Banks and FinTech Firms Accepting Paycheck Protection Program Loan Applications from New and Non-Bank Customers


(Updated April 18, 2020: Updated FinTech options)

After a difficult start, The Paycheck Protection Program (P3) loan process has gained traction. The big banks now have functional online portals. They collect the documents and send the requests to the SBA for approval. And even today, lenders who have never registered with the SBA before had access to participate through a new online portal. Small businesses should soon have better access to these loans.

Reuters reported on Tuesday that more than $ 100 billion in funds had been authorized for these loans, according to a senior Trump administration official, although neither the administration nor the banking industry had data on how much was paid to companies.

A business owner with 20 employees and $ 2.5 million in revenue told me he applied to his regional bank on Friday and was approved on Sunday. He says he doesn’t have the funds yet, or even a deadline, but the approval itself has been a big help and a real relief.

Most banks only accept requests from current customers, which creates a major hurdle for many businesses. Companies that do not do banking transactions with a participating institution did not have many options.

This is starting to change, however. Some banks are now accepting applications from new, non-bank customers. There are also third-party FinTech companies that step in to help.

On the eve of the opening of PPP loans to everyone (April 3 was for small businesses and sole proprietorships, April 10 for freelancers and freelancers), it’s important to know all of your options. And with some like Florida Senator Marco Rubio, arguing that program funds will be sold out next week, it is important to line up as early as possible.

I’m creating a list here and will update it as I identify other participating banks. If you know of any that are not listed here, please contact me through the links below.

Plus, if you’ve just started reading the CARES Small Business Act provisions, take a look at these additional stories. if you need to know your options via the CARES law, you have additional questions to which you cannot find answers or you want to know how calculate your payroll costs for loan purposes.

national

At present American Bank is the only national bank to accept applications from new clients. And even US Bank encourages applicants to start with their current bank, as they deal with inquiries from current customers first.

Regional banks

Northeast : Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey and Pennsylvania

Orrstown Bank: (Central PA, Greater Baltimore and Hagerstown Regions) This bank asks you to fill in an application and send it to sba@orrstown.com. You must indicate in your email if you are a current or future customer of Orrstown bank

Midwest: Ohio, Michigan, Indian, Wisconsin, Illinois, Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska and Kansas

First citizens (IA Mason): You must submit a request form before applying.

People’s Bank and Trust (Central Kansas): Fill in an application and send by email, fax or drop off at the nearest location.

South: Delaware, Maryland, Virginia, West Virginia, Kentucky, North Carolina, South Carolina, Tennessee, Georgia, Florida, Alabama, Mississippi, Arkansas, Louisiana, Texas and Oklahoma.

1st National Bank of Texas (Texas, Arizona, Arkansas and New Mexico): New bank customers should collect business entity documentation (state statements, EIN, and operating agreement / regulations, if applicable) and driver’s license information. It is recommended that you ask the bank to create a direct deposit account specifically for the proceeds of the PPP loan.

Hope Bank (Arkansas, Alabama, Mississippi, Tennessee, Louisiana): you apply through one of the associates specified on their site.

Where is: Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Utah, Nevada, California, Oregon, Washington, Alaska and Hawaii.

American First Credit Union (Utah): you can apply to become new member online . the PPP request is also online.

FinTech companies

Senator Rubio lobbied to allow FinTech companies to participate in PPP loans in order to increase access to loans. he tweeted early today as the US Treasury released a new lender app for non-bank lenders such as Paypal

PYPL
and square

SQ
increase the availability of loans.

Here is a current list of FinTech companies that can also help you apply for these loans.

Biz2 Credit

BlueVine

Cross the river

Split

cabbage

Fundera

Fundraising circle

Lendio

Navigation

Pay Pal

Capital of Quickbooks

Veem

I will continue to update this list as more information becomes available. If you know of any other companies offering loans through the CARES Act, contact me at the links below.

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