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Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis

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Anonymous
Not applicable

Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis

I thought I put togather names of companies which are helping and not helping during Coronavirus crisis based on my personal experience. Feel free to share your list. Criteria for help received is also included where possible. Also note it is based on our relationship and there are many others besides those listed. I think we should give credit to those companies coming forward to help and let others know who do not support at the time of crunch and this historic catastrophe. 

Helpful

1. SBA (deferment of SBA loans, help to get people employed, help for low interest loans for small business to survive PPP, EIDL & SBA disaster and more)

 

 

Not Helpful

1. Funding Circle (FINTECH) - No deferment payment relief

2. Kabbage (FINTECH) - No deferment payment relief

3. Bank Of America

4. Wells Fargo (Wells **bleep**o has been at least helpful on personal side with mortgage deferment + fees) but not on the business front so far

 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis

We will survive this but will get to know where to invest and take our accounts as soon as crisis are over.

Message 2 of 8
mikesonthemend
Valued Contributor

Re: Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis

How does it go? When the tide goes out, we all get to see who is swimming naked....




Living through Darwinism is so much worse than learning about about it in school.
Message 3 of 8
SouthJamaica
Mega Contributor

Re: Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis


@Anonymous wrote:

I thought I put togather names of companies which are helping and not helping during Coronavirus crisis based on my personal experience. Feel free to share your list. Criteria for help received is also included where possible. Also note it is based on our relationship and there are many others besides those listed. I think we should give credit to those companies coming forward to help and let others know who do not support at the time of crunch and this historic catastrophe. 

Helpful

1. SBA (deferment of SBA loans, help to get people employed, help for low interest loans for small business to survive PPP, EIDL & SBA disaster and more)

 

 

Not Helpful

1. Funding Circle (FINTECH) - No deferment payment relief

2. Kabbage (FINTECH) - No deferment payment relief

3. Bank Of America

4. Wells Fargo (Wells **bleep**o has been at least helpful on personal side with mortgage deferment + fees) but not on the business front so far

 


All I can say is that American Express, which is my primary business credit source, is not helping at all. They refused an interest rate reduction. They've basically removed my "Working Terms Capital" program. And they've offered no help at all of any kind.

 

All I've ever done is pay them promptly and ahead of time on everything.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 4 of 8
jaxstraw
Valued Contributor

Re: Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis


@SouthJamaica wrote:

@Anonymous wrote:

I thought I put togather names of companies which are helping and not helping during Coronavirus crisis based on my personal experience. Feel free to share your list. Criteria for help received is also included where possible. Also note it is based on our relationship and there are many others besides those listed. I think we should give credit to those companies coming forward to help and let others know who do not support at the time of crunch and this historic catastrophe. 

Helpful

1. SBA (deferment of SBA loans, help to get people employed, help for low interest loans for small business to survive PPP, EIDL & SBA disaster and more)

 

 

Not Helpful

1. Funding Circle (FINTECH) - No deferment payment relief

2. Kabbage (FINTECH) - No deferment payment relief

3. Bank Of America

4. Wells Fargo (Wells **bleep**o has been at least helpful on personal side with mortgage deferment + fees) but not on the business front so far

 


All I can say is that American Express, which is my primary business credit source, is not helping at all. They refused an interest rate reduction. They've basically removed my "Working Terms Capital" program. And they've offered no help at all of any kind.

 

All I've ever done is pay them promptly and ahead of time on everything.


AMEX is acting as if there is absolutely no national crisis going on when it comes to dealing with it's clients.

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 5 of 8
mikesonthemend
Valued Contributor

Re: Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis

I read Kabbage has shut down all lines of credit without notice. Clients are supposedly logging in to their accounts and seeing the available credit at $0.00.




Living through Darwinism is so much worse than learning about about it in school.
Message 6 of 8
Anonymous
Not applicable

Re: Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis

Yes, they are first to take the funds out if you have Kabbage Line

Message 7 of 8
Anonymous
Not applicable

Re: Small Business Financial Companies Helping Or Not Helping During COVID-19 Crisis

Sorry to hear about AMEX doing nothing to help, if anything changes let the world know. Hopefully at the end of this we can see how companies behaved when it comes to crunch.

Message 8 of 8
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