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