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In the wake of the first round of PPP loans, GFGF co-hosts describe some of the issues that big banks had in administering the loans – and why Community banks may be a better option. With Congress releasing the second phase of a stimulus package for small businesses, it’s more important than ever to make sure your business has everything in place (even if you don’t need a loan). In today’s episode, we discuss a personal experience in applying for the PPP funds and how Main Street Bank was supportive.
At the beginning of the COVID-19 pandemic, the US government offered forgivable loans to small businesses. When $349 billion was set aside for small businesses under the Payment Protection Program, on a supposed first come first serve basis, there was hope for economic relief. Unfortunately, this was not the case for many small businesses.
In this episode, GFGF co-hosts talked about the issues that big banks had in administering the loans and why building a relationship with community banks may be a better option.
The Get Found Get Funded podcast is at the intersection of entrepreneurship and social justice where we focus on entrepreneurship as a possible path to wealth creation — specifically for Black and Latinx communities.
00:00 – Intro
01:00 – PPP Loan Distribution
08:59 – Big Banks Struggle with Influx of PPP requests
12:49 – Working with Bankers During the Pandemic
15:20 – Having a Relationship with a Community Bank
20:15 – What to Ask When Looking for a Bank
25:20 – Second Round PPP Projections
27:03 – Know Your Numbers and Have Them Ready
31:00 – Get Your “Ish” Together
32:00 – Outro