PPP Resources – Click to Download
SBA PAYCHECK PROTECTION PROGRAM (PPP) REPORT
SBA FAQs ON PPP LOAN FORGIVENESS
REMAIN CURRENT ON ALL PPP LOAN FORGIVENESS UPDATES FROM THE SBA
LIST OF SUPPORTING DOCUMENTATION TO BE SUBMITTED FOR PPP LOAN FORGIVENESS
Do you view your Financial Department as a profit center or a necessary expense? Use this 5-point rating system to evaluate your team.
A complete list of negotiable items to bring up when you are discussing business financing with your loan officer.
Think about how you would respond to these questions so that you can be prepared for when your bank officer asks them!
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“No matter the economic times, securing access to capital is priority No. 1. When I needed to secure a banking relationship for a new global service delivery model, I turned to Rich Russakoff. Rich and his team were fantastic to work with throughout the process. The bottom line: They delivered results.”
“In March of 2020, the Coronavirus pandemic was just taking hold and members of the Entrepreneurs’ Organization were nervous about trying to figure out where to go for bank financing to get through the tough period ahead. We reached out and asked TCM to host an event to help members figure out what they needed to do to prepare as well as to get the latest information on EIDL loans and other loans available from the SBA. For this webinar, we ended up having over 200 members from across the country join and stay on for over 90 minutes.”
“Shivers are running through the financial markets, and pouring down to small businesses and consumers. How is it that given the immediate and profound ripple emanating from the first of several catastrophic events on Wall Street, I’m able to get five offers for bank financing? Very simple – Rich Russakoff. The package he prepared on my firm’s behalf was so impressive by virtue of its copiousness that banks felt embarrassed to consider saying ‘no.’”
Frequently Asked Questions
Do you work with startups?
Yes. We work with startups and banks are interested in loaning to startups too. But we have to present credible business plan projections, show that you can repay the debt and that you are a strong enough guarantor. It is also necessary to have experience in the industry and to know the demographics.
What kind of services do you provide?
We provide a full range of services to support business owners throughout the financing process, from basic pre-loan assessments to complete, bespoke application packages.
What does the complete bespoke service involve?
We undertake a full assessment where we review your business, your financials, the industry trends and opportunities and we’ll first and foremost tell you whether we believe you have a bankable loan. If you do, we take you through the whole process of writing a complete, compelling, thorough narrative. We make sure that we’ve dotted all the i’s and crossed all the t’s on the financial side. We find you the right banks to talk to and we present the project until we secure the best loan and terms for your business.
What kind of loans do you do?
We provide assistance with commercial lending products. While that may include commercial mortgage products, we do not work with residential mortgages or personal loans.
How long does the bespoke service take?
2-3 weeks to gather all documents and determine if you have a bankable loan. If you do, once we’ve filled out the bank’s application form and given them everything they need, federal regulation B dictates they have 30 days to decide on it. Generally, expect 10-21 days to be in underwriting. Once it comes out of underwriting, if you get an approval, then it’s going to be another week to go over the documents with your attorney, your CPA or your advisors. If that’s good, then for a non real estate deal 30-45 days to close, for a real estate deal, 60-90 days to close.We do commercial lending, which may include commercial mortgage products, but nothing to do with residential for example.
What's the difference between your services and a broker?
We are full consultants, we work on your behalf, to put you in a better light and to get your package through at a bank. We also look at your strategic processes, your business plan and your projections to deliver a stellar and professional loan package. The bankers like it, they know us, and there’s a reputation to go along with the work.