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I have two companies. Both have existing checking + lending relationship with BoA. Company #1 is 5 years old, Company #2 is 6 months old. 4/3: Both companies

I have two companies. Both have existing checking + lending relationship with BoA. Company #1 is 5 years old, Company #2 is 6 months old. 4/3: Both companies applied 4/6: Both companies submitted all required docs 4/8: Received a call about Company #2 - claimed we could only use 2019 payroll to determine size of loan. Incorrect - new co's can use Jan/Feb. Told the rep this. Was told I would received a callback. 4/9: Received a promissory note for Company #1, signed and submitted. 4/10-4/15: Received numerous automated calls + emails asking me to do things I already had done. 4/16: Received a request to update business info for Company #1. Did so. Rep said I should expect deposit of funds in 1-5 days. Still nothing on Company #2. I am tentative that the $$$ is allocated already as we have been assigned an SBA loan number. BoA did some things right (opened up first), some things arguably right (as someone who has a previous relationship, I appreciate getting prioritized), and some things terribly (having people take time to give reminders on actions that have already been taken, having no one available to answer questions or provide support, etc.)

jrs235 6y ago
As I mentioned elsewhere: This is why an independent and trustworthy Inspector General overseeing and reporting back to Congress and the public is needed. Where did this money go and who got it? Were some people favored or tipped off on how to get through the process?
jeffmould 6y ago
We applied through BoA on the first day as well and never heard a word. All documents are still in Intralinks apparently untouched. Only two things we ever heard from them were the link to upload documents and a call a few days later verifying we were able to upload the documents. Radio silence since then. I did read somewhere though that their system was looking for specific file names in Intralinks and if you did not have those your application fell through the system. After reading that, I went back yesterday and looked at our docs and one the we had renamed the addendum and template files to remove spaces. I also looked at their instructions (probably should have read them more clearly from the beginning) and it does say in there not to rename files and/or to use specific file names. I am now wondering if that was what caused our application with them to fall to the black hole. Luckily we had applied through a local bank and received a SBA number. Waiting on final docs now from them.
deleted 6y ago
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jrs235 6y ago

As I mentioned elsewhere: This is why an independent and trustworthy Inspector General overseeing and reporting back to Congress and the public is needed. Where did this money go and who got it? Were some people favored or tipped off on how to get through the process?

jeffmould 6y ago

We applied through BoA on the first day as well and never heard a word. All documents are still in Intralinks apparently untouched. Only two things we ever heard from them were the link to upload documents and a call a few days later verifying we were able to upload the documents. Radio silence since then. I did read somewhere though that their system was looking for specific file names in Intralinks and if you did not have those your application fell through the system. After reading that, I went back yesterday and looked at our docs and one the we had renamed the addendum and template files to remove spaces. I also looked at their instructions (probably should have read them more clearly from the beginning) and it does say in there not to rename files and/or to use specific file names. I am now wondering if that was what caused our application with them to fall to the black hole. Luckily we had applied through a local bank and received a SBA number. Waiting on final docs now from them.

deleted 6y ago

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