SPONSORED CONTENT PRESENTED BY ACAP AND THE LOAN SOURCE
National and community banks have played an important role in supporting small businesses through PPP loans. It’s time to release the lenders and get back to the bank. Like most lenders, you may be less than prepared to handle the complicated and detailed PPP forgiveness process. You may also be keen to realize your loan income sooner, which is possible when you decide to reduce risk and sell your P3 loans.
One way to do this is to sell your PPP portfolio to a non-bank partner who exclusively manages PPP loans, such as ACAP + The Loan Source — partners in purchasing and managing PPP loans. Luke LaHaie, Founder, CIO and President of ACAP, discusses the key lessons his PPP loan procurement and management team have learned throughout the program.
How do lenders immediately benefit from selling their PPP portfolio and outsourcing services?
The hedge : There are a few short-term benefits, including earning your P3 loan income early and eliminating future risks. There are also long-term benefits, such as continuous service through forgiveness for your P3 borrowers, which means you can get back to what you do best. We have gained valuable knowledge and experience by adapting early to PPP. So we’re well equipped to give your borrowers the support they need.
How does a PPP loan service partner make PPP easy and transparent?
The hedge : Most banks do not have the technology or the staff in place to effectively serve P3s. Borrowers also have a lot of questions along the way, which can take time and resources. A PPP loan service partner is better prepared, with all the tools and talents in place to do the job simply.
What are the long term benefits for banks to outsource PPP?
The hedge : Banks that sell their PPP portfolios and outsource the PPP service offer their borrowers better access to PPP financing and remittance. In turn, this allows lenders to focus on what they do best, while capitalizing on the benefits / potential of P3s. Look for a PPP partner who also leverages their experience to promote equal access to program equity.
PPP in 2021: What’s Changed Lenders Should Know?
The hedge : The(BA)The s program currently expires on March 31, leaving little time for eligible borrowers to take advantage of the PPP. Lenders, however, can sell their PPP portfolios to a PPP service provider beyond this date, providing borrowers with better customer support, tools, and guidance when requesting a rebate. Apply for a loan directly here.
What is ACAP + The Loan Source’s PPP loan purchase and management experience?
The hedge : We created ACAP exclusively to manage PPP loans. Our goal was to provide the borrowers and lenders who finance their future with better PPP service solutions. Together with The Loan Source, our team has supported over 45,000 separate PPP borrowers through in-house lending.
“The ACAP portal is one of the best services available for PPP loans. This partnership offers our clients and other members of our community a more streamlined approach to the PPP 2.0 application and pardon process. It also allows us to expand our reach to more non-WSFS clients, including those from underserved communities who struggled to access PPP funds in the first round. Together with ACAP and The Loan Source, we are confident that our clients and other members of our community will be better served and that we will achieve extraordinary results. ”
– Rebecca Acevedo, Director of Corporate Communications, WSFS Bank
Sell your PPP portfolio and retain your banking customers
Helping PPP borrowers get forgiveness is a huge undertaking. Without an S(BA) department, banks can struggle and fall behind on PPP loan service requests. With ACAP and The Loan Source providing seamless customer service while exclusively managing PPP loans, it is possible to close in a week and receive real support when you need it most, right now.
Stay in control, save time, and start providing better service. Start the loan transfer process and protect your PPP customers at https://acapgp.com/sell-ppp-loans/
A PLUG is a banking partner providing complete PPP loan management solutions. They are committed to helping banks reduce future risk and accelerate loan income, by providing strong PPP loan discount, service and customer support. Your PPP loan customers remain your customers; now better protected when you partner with ACAP.