MIAMI DADE CHAMBER EVALUATES #PPPLOAN AND MORTGAGE OPTIONS
Updated: Apr 14, 2020
Today G. Eric Knowles, President of the Miami-Dade Chamber of Commerce hosted the Chamber Meet-Up to Understand How to Secure the Bag Part II. He was joined by Teri Williams - President & COO for OneUnited Bank, Rulon Washington - East Region Market Leader Mortgage Market Outreach for Wells Fargo & Company, and Matthew Pigatt - Minority & Small Business Enterprise Manager for Miami-Dade Chamber of Commerce.
The focus was strategically focused on private banking for small businesses and delved into the Paycheck Protection Program which was passed by Congress under the CARES Act.
Wells Fargo announced an increase in funding as of April 8, 2020 and will be able to take additional loans to process for existing small business Wells Fargo bankers. Rulon advised to allow technology to assist your small business by logging into their online system to begin the #ppploan process.
OneUnited bank President, Teri Williams warned attendees to communicate with their lenders. "These are very difficult times for everyone...This is something that has never happened before in our history. So if you find yourself in need the key is to seek help and to not be embarrassed about looking for that help. Not to be embarrassed about asking for help and more importantly to be aggressive about seeking help."
The Miami-Dade Chamber releases a look at how some of South Florida's largest lenders handling the PPP application process:
International Finance Bank in Miami is accepting applications from new and existing customers. CEO Jose Cueto told the Business Journal the bank had secured close to $10 million in loan approvals as of April 13.
American National Bank, based in Oakland Park, is accepting applications from new customers on a limited basis, said CEO Ginger Martin. Borrowers can learn more here.
Sunstate Bank in Miami is accepting applications from current customers. CEO Lloyd DeVaux said the bank had processed about 100 applications as of April 13 and expects to fund some of those loans this week. Customers should contact the bank to apply.
TD Bank is only accepting applications from existing business customers that must have a deposit account at TD to receive funds. According to its website, the bank is experiencing a high call volume and recommends customers contact their relationship managers with questions about the application, which is available online. TD was South Florida's top SBA lender in 2019, and is the region's eighth-largest deposit holder. Apply here.
Bank of America is currently accepting applications from small businesses that had a Bank of America checking account before Feb. 15. Apply here.
Chase Bank is accepting applications from customers with an existing business checking account. Chase is the region's third-largest SBA lender and third-largest deposit holder. Apply here.
Wells Fargo announced Wednesday it would process additional PPP applications after initially closing its loan window Sunday. The bank relaunched the submission process Wednesday afternoon, it reported on social media. Existing small business customers can begin the application process online, and will receive updates via email. Wells Fargo is South Florida's second-largest SBA lender and second-largest deposit holder.
Truist Bank: The parent to the recently merged BB&T Bank and SunTrust Bank told the Charlotte Business Journal that the program is available to business and nonprofit clients that have a business loan or deposit relationship with BB&T or SunTrust.
Valley National Bank: The New Jersey-based bank is processing applications for existing account holders and borrowers only, South Florida Regional President Jeff Klink said. To apply, customers must submit an inquiry on the bank's website. From there, the inquiry will be assigned to a bank employee, who will follow up with a digital application. Klink said the bank received about 16,000 inquiries as of Wednesday. Submit an inquiry here.
BankUnited, South Florida's largest community bank by assets, is accepting PPP applications from existing business customers only, according to its website. A link to an application is not available from its website. BankUnited did not return a request for comment on how customers should apply for the program.
Amerant Bank declined to say how many applications it has processed since it began taking applications on April 3. As of Tuesday, the bank was still accepting applications from new customers. Applicants should contact their banker or call 888-629-0810 for more information.
Professional Bank is accepting applications from new and existing clients, CEO Dan Sheehan said. Applicants should contact their banker or visit its website for more information.
Banesco USA is currently processing PPP applications for existing customers only, but hopes to begin accepting applications from non-customers "within a few days," a spokesperson told the Business Journal. The website does not have an online portal to submit applications. Customers should contact their business banker to apply.
Legacy Bank of Florida: The Boca Raton-based community bank is processing applications for existing clients, Chairman and CEO Dennis Bedley said. Customers should contact their banker to apply. An application is not available on the bank's website.
First American Bank is processing PPP loans from existing customers only, CEO Thomas Wells IV said. However, Wells said he fears the bank may need to pause funding "until the government establishes a facility to purchase the loans we've approved." To apply, customers should contact their business banker, who will then send them a link to the bank's online application portal. The Illinois-based bank was among South Florida's top SBA lenders in 2019.
Seacoast Bank is accepting applications from bank customers only. Customers can contact their banker or visit its website to apply. Stuart-based Seacoast is South Florida's 12th-largest SBA lender.
Pacific National Bank has been accepting applications from loan and deposit customers since April 3, CEO Carlos Fernandez-Guzman said. Customers should contact their bankers to apply. The Miami-based bank has more information about PPP loans on its website.
Apollo Bank in Miami began accepting applications Monday. The bank told the Business Journal it could not confirm how many it had processed as of Thursday afternoon. Existing bank customers can apply for a loan here.