Questions and Answers: 5 Lessons From a Top-Rated PPP Loan Buyer and Service Agent
SPONSORED CONTENT PRESENTED BY ACAP AND LOAN SOURCE
National and community banks have played a big role in supporting small businesses through PPP loans. It’s time to release the lenders and get back to the bank. Like most lenders, you may not be ready to handle the complex and detailed P3 forgiveness process. You may also be eager to realize your loan income early, which is possible when you decide to reduce risk and sell your P3 loans.
One way to do this is to sell your PPP wallet to a non-bank partner who deals exclusively with PPP loans, such as ACAP + The source of the loan—Partners in the purchase and management of PPP loans. Luke LaHaie, Founder, CIO and President of ACAP, discusses the key lessons his PPP loan procurement and management team have learned throughout the program.
How do lenders immediately benefit from selling their PPP portfolio and outsourcing services?
The hedge: There are a few short-term benefits, including realizing your P3 loan income early and eliminating future risks. There are also long-term benefits, like continuous service through forgiveness for your P3 borrowers, which means you can get back to doing what you do best. We have gained valuable knowledge and experience by adapting early to P3s, so we are well equipped to give your borrowers the support they need.
How does a PPP loan service partner make PPP easy and transparent?
The hedge: Most banks do not have the technology or the staff in place to effectively manage P3s. Borrowers also have a lot of questions along the way, which can take time and resources. A PPP loan service partner is better prepared, with all the tools and talent in place to get the job done simply.
What are the long-term benefits for banks to outsource PPPs?
The hedge: Banks that sell their PPP portfolios and outsource PPP services offer their borrowers better access to PPP finance and remittance. In turn, this allows lenders to focus on what they do best, while capitalizing on the benefits / potential of P3s. Look for a PPP partner who also leverages their experience to contribute to equal access to equity in programs.
PPP in 2021: What’s Changed Lenders Should Know?
The hedge: The SBA program currently expires on March 31, leaving little time for eligible borrowers to take advantage of the PPP. Lenders, however, can sell their PPP portfolios to a PPP service provider beyond this date, providing borrowers with better customer support, tools, and guidance when requesting forgiveness.
What is the ACAP + The Loan Source PPP loan buying and management experience?
The hedge: We created ACAP exclusively to service PPP loans. Our goal was to provide the borrowers and lenders who finance their future with better PPP service solutions. Together with The Loan Source, our team has supported over 45,000 separate PPP borrowers with in-house lending.
“The ACAP portal is one of the best services available for PPP loans. This partnership offers our clients and other members of our community a more streamlined approach to the PPP 2.0 application and forgiveness process. It also allows us to expand our reach to more non-WSFS clients, including those from underserved communities who struggled to access PPP funds in the first round. Together with ACAP and The Loan Source, we are confident that our clients and other members of our community will be better served and that we will achieve extraordinary results.
– Rebecca Acevedo, Director of Corporate Communications, WSFS Bank
Sell your PPP portfolio and retain your banking customers
Helping PPP borrowers obtain forgiveness is a huge undertaking. Without an SBA department, banks can struggle and fall behind on PPP loan management requests. With ACAP and The Loan Source offering seamless customer service while exclusively managing PPP loans, it’s possible to close in a week and receive real support when you need it most – right now.
Stay in control, save time, and start providing better service. Start the loan transfer process and protect your PPP customers at https://acapgp.com/sell-ppp-loans/
A PLUG is a banking partner offering complete PPP loan management solutions. They are committed to helping banks reduce future risk and accelerate loan income, by providing white-glove PPP loan forgiveness, service and strong customer support. Your PPP loan customers remain your customers; now better protected when you partner with ACAP.