There’s Lots of Frustration Around These Small Business Loans

We work with hundreds of small local businesses here on the SouthCoast, and many have shared with us just how frustrated they are with a program that was meant to help.

Many of us have seen the news showing us all these big chain businesses using loop holes to get millions of dollars while so many local businesses still haven't heard about getting a few grand to help them stay open.

A friend of mine that owns a salon on the SouthCoast told me he applied through the bank that his business is with (one of the big ones) and was told his paperwork was complete and he was in the queue. More than a week went by and he heard nothing from his bank but watched the news to see all the big chain spots getting millions.

Many business owners are sitting at home wondering if they will ever get the help that they were promised by the federal government.

Without getting political, many businesses are frustrated by all the hoops they have to jump just to apply for it. More importantly, if you were a big business with a bigger bank, you got funded a big amount. If you were a smaller company with one of the bigger banks you probably didn't hear a peep from your bank. The weird part of all of this is if you were with a smaller bank or credit union, you probably got an answer much faster and even an approval funded.

Now with a second round of funding approved, we are hoping more small (actual small businesses) get the much-needed help to keep their doors open once all of this is over.

While I may have only heard a few small businesses that haven't gotten funding, I'm curious to know those that may have been approved, if you are willing to share. We here at Fun 107 are keeping our fingers crossed that all of the small businesses on the SouthCoast get the help they need during this time.