Where to apply for PPP even if you do not have an existing relationship with a bank

April 11, 2020

The CARES Act funded the Payment Protection Program (PPP) with $350 billion to keep the economy afloat while we prioritize the health and wellbeing. The PPP allows applicants to receive 2.5x their average monthly payroll, up to $10 million, a portion of which can be forgiven if used to compensate employees. SBA lending institutions (banks) were tasked with distributing funds. Many banks require applicants to have a business checking account and be a borrower with the bank in order to apply for a loan, limiting the applicant pool. 


Friday April 10, Intuit and Paypal were authorized as non-bank SBA-approved lenders for the PPP. Non-bank lenders are currently waiting for the US Treasury Department to release the appropriate PPP application, which is expected Monday, April 13. Non-bank lenders may offer an alternative for applicants who were not borrowing money from their bank prior to the shutdown. 


Below is a list of potential alternative lenders if you are unable to meet the requirements of your local SBA lending institution. We cannot guarantee PPP loans will be available from any of the options provided. All lending institutions are experiencing a flood of applications and policies may change quickly.


Five Star Bank requires businesses to have a Five Star Bank checking account, but FSB does not appear to require that the account be open prior to Feb. 14 (as is common). It appears FSB permits opening a FSB account and then submitting a PPP loan application. 


Fountainhead SBA. A pre-existing relationship with the national non-bank business lender is not required. Applicants can sign up here: https://www.fountainheadcc.com/ppp/


KeyBank is working on refining it’s PPP process, but its site does not currently mention restrictions based on preexisting relations with the bank. For general information on how to apply, call 1-888-539-2200. 


Newtek Small Business Finance is currently taking applications, apparently without client preference. Applicants can sign up here: https://partners.newtekone.com/caresact/business-lending/


Patriot Bank does not specifically mention the PPP but directs customers to call (888) 728-7468 to discuss their needs.


Radius Bank is accepting Payroll Protection Program (PPP) loan applications for current and non-current customers. Radius Bank loan page can be accessed here: https://radiusbank.com/business/sba-loans/paycheck-protection-program/


Readycap Lending is accepting PPP loan applications. Limitations and preference are not provided, but you can begin the application process here: https://ppp.readycapital.com


Seacoast Commerce Bank is accepting PPP loan applications through its partner Kabbage, Inc., a data and technology company. Seacoast Commerce does not appear to be restricting applicants to existing customers. Applicants can apply here: https://partner.kabbage.com/sba-seacoast-bank?refid=seacoastbank&utm_medium=partners&utm_source=seacoastbank&utm_campaign=funding-sba-ppp_20200402_email


VelocitySBA is one of 14 licensed small business lending companies in the country. Though the California company’s focus is on lending to small businesses, it is not accepting PPP loan applications yet. According to its website, it is waiting for guidance from the Small Business Administration (SBA). Check here for updates. https://www.velocitysba.com


The Loan Source is currently improving their systems to handle applications. You can check for availability at their website: https://theloansourcesaysyes.com.

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