About The Loan Source
The Loan Source is one of only 14 non-bank lenders approved by the Small Business Administration (SBA) to provide SBA loans. The Loan Source is part of the selective SBA Preferred Lender Program, which is the highest level of approval status that a lender can receive from the SBA. This status enables a lender to directly approve SBA loans, without having to wait for SBA sign-off. The Loan Source was one of the leaders during the first rounds of the Paycheck Protection Program (PPP), originating over 5,000 PPP loans totaling in excess of $500 million. Since The Loan Source is not a bank, it does not require an existing relationship, or that you open up an account or transfer funds or other business services to receive a PPP loan.
The Loan Source currently services over $3.3 billion of PPP loans, is located in New York, NY, and has over 26 years of expertise servicing and originating SBA loans. The Loan Source has a robust team and specialized technology, dedicated to providing the simplest and most accessible PPP loan application process, forgiveness, and servicing experience available.
The Loan Source is one of the largest non-bank SBA lenders in America, and one of only 14 approved by the SBA. The Loan Source is fully committed to the Paycheck Protection Program, and through its customized technology, has streamlined the PPP loan process enabling any eligible businesses to apply for and obtain a PPP loan. Additionally, The Loan Source’s dedicated service team and borrower portal enables a simple and streamlined forgiveness process.
Below is a sampling of reasons why you would seek PPP financing from The Loan Source:
- You want to signup to secure your spot for the next round of PPP loans
- You do not have an existing banking relationship, or do not have confidence that your current bank or lender can perform
- A streamlined, fast, paperless, and simple online PPP loan application is desired
- You want a full-service PPP company that will hold your hand through the forgiveness process, and not sell your PPP loan
- You want a PPP loan, but do not want to transfer bank accounts or other business services to obtain one
PPP Loan Highlights / Guidelines
The Paycheck Protection Program (also known as the PPP) is a program that was released by the Small Business Administration on April 3, 2020 to help supply funding to small businesses, nonprofits, sole proprietors, and business entities affected by COVID-19. $660 billion of total PPP financing was approved under The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
This Paycheck Protection Program officially ended on August 8, 2020, but Congress is currently considering new legislation to extend it, and The Loan Source has opened its online application portal in anticipation of that legislation being passed [create a PPP loan account with The Loan Source]. The new proposed legislation may also allow borrowers to obtain a second PPP loan, so borrowers who have already received a PPP loan but still require additional relief financing, should apply to get in The Loan Source’s application queue.
Loan sizes up to $10 million
- Interest rate of 1%
- Maturity of 5 years
- First payment deferment
- No collateral
- No personal guarantees
- No borrower or lender fees paid
- Loan forgiveness available
The Loan Process
Information about the PPP loan process for The Loan Source is available on its website along with detailed instructions about what to expect, and how to get started. Applicants are encouraged to fill out a short contact form to get started.
PPP loan applicants will need to show their business was in operation on February 15, 2020, and provide monthly payroll verification for all of 2019, or their last 12 months of business. Seasonal business owners can qualify if they prove they were operational for an eight-week period between February 15, 2019 and the application date. Loan applicants may be eligible for a second PPP loan, if their business has continued to suffer revenue loss and hardship after receipt of their first PPP loan (approval by Congress of pending legislation and other conditions must be met).
Business owners should prepare to upload or otherwise share the following documents to apply for a PPP loan (other documents may be required):
- Business financials / bank statements
- Copy of drivers license
- Proof of payroll (IRS Form 941, etc.)
Assuming the application information and documentation provided to The Loan Source is amenable, your PPP loan application will be processed for an SBA guarantee number and funding (as long as funds are available and you are deemed eligible for a PPP loan). The entire loan process can be conducted and monitored through your online portal.
- You can create a PPP loan account with The Loan Source now to secure your place for the next round of PPP loans.
- The Loan Source is one of only 14 non-bank approved SBA lenders, with delegated lending authority and 26 years of experience.
- The Loan Source has already originated and closed over 5,000 PPP loans totaling approximately $500 million, and currently services over $3.3 billion of PPP loans—so it has significant PPP expertise.
- The Loan Source is fully committed to the PPP so it will not be distracted by other business products that will delay the processing of your PPP loan, and it will not sell your PPP loan.
- The Loan Source has specialized software that enables you to apply for a PPP loan, and request forgiveness all online through its customized borrower portal.
- The Loan Source is not a bank, so you will not be required to open up an account, transfer business funds, or obtain other services from The Loan Source to obtain your PPP loan.
- The Loan Source is fully committed to the PPP presently, so other loan products are not currently available.
- The Loan Source will only be able to process PPP loan applications as long as government funding remains available, so getting in its application queue early is imperative.
Why The Loan Source is the Best
The Loan Source is one of the largest non-bank SBA lenders in America, and is one of only 14 approved by the SBA. The Loan Source has over 26 years of SBA loan experience, and has already closed over 5,000 Paycheck Protection Program loans totaling approximately $500 million. The firm is fully committed to the PPP, and has customized software to make the PPP application and forgiveness process simple, fast, and paperless. The Loan Source is not a bank, so it does not require an existing relationship, or that you open up an account or transfer funds or other business services to receive a PPP loan. The Loan Source has unique expertise in the PPP, and is one of, if not the only SBA lender that is fully focused on originating, and servicing PPP loans (over $3.3 billion). The Loan Source has opened its PPP loan waitlist in anticipation of new legislation being passed to extend the PPP.Visit The Loan Source