FRSA recently applied for and was granted a Small Business Administration (SBA) Payroll Protection Program (PPP) loan. The 2020 FRSA Convention and Expo had not yet been cancelled, but the prospects of holding the event looked dim at the time we applied. We felt we had a need for the funds because the income produced by the Convention and Expo on an annual basis makes up a large portion of FRSA’s budgeted revenue. Warning lights started flashing about the possibility of having to refund sponsor and expo payments already made.
We learned that although not all banks are approved SBA lenders, many small banks are. The best place to apply for a loan is with a smaller bank that will be more likely to give your application individual attention. FRSA applied for its loan at two banks. While a large national bank that we have been doing business with for many years has yet to consider our application, but a small regional bank that we had to open an account with just to qualify to apply did. Guess which one will be getting more of FRSA’s business in the future. Read more.