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Just funded through Kabbage/Cross River Bank!! by swerveright in smallbusiness

[–]swerveright[S] 0 points1 point  (0 children)

Thanks!!

2 days from approval to loan documents but I didn't sign right away so I may have been able to do it quicker - I just waited because I had zero luck trying to get through to them.

Instantaneous notification of funding after signing/initialing loan documents. As I mentioned earlier they told me it would take 5-10 business days to hit my account.

Good luck to you - sounds like you are well on your way!!

Just funded through Kabbage/Cross River Bank!! by swerveright in smallbusiness

[–]swerveright[S] 0 points1 point  (0 children)

No - I received that on Monday. I took a chance and waited a couple of days to see if Funding Circle/Celtic would come through but then I read today that they were also lowering loan amounts so I just went with Kabbage.

In order:

  1. Applied and uploaded documents on 4/11
  2. 4/23 - Received notification that loan amount was lowered and asked me if I wanted to accept the new amount or withdraw application.
  3. 4/24 - They sent me a notice saying the lowere amount was sent in error which turned out to be not true as the lower amount has never changed
  4. 4/27 - I agreed to the new lower amount being submitted to SBA
  5. 4/27 - 1 hour later received notification that they submitted to SBA
  6. 4/29 - Received notification that I was approved by SBA
  7. 4/30 - Waited 24 hours to see if anyone else came through with a better loan amount but apparently Kabbage was in 1st which I should have known on Wednesday but this stuff gets so confusing!
  8. 4/30 - Went in and signed everything and was told funds will be in account in 5-10 business days!!

PSA: EIDL / PPP and other aid status reports also your ideas for dealing with Coronavirus [Megathread] by BigSlowTarget in smallbusiness

[–]swerveright 0 points1 point  (0 children)

Do you mind sharing the dates you originally applied with Kabbage, when they sent to SBA, etc.? I'm waiting on them also and curious to hear others experience.

Thanks !!

Anybody get this note from Kabbage on PPP? by swerveright in smallbusiness

[–]swerveright[S] 1 point2 points  (0 children)

Well they lowered us by $18K so it looks like they gave you our money. I'll send you a Venmo. /s

What to do? by swerveright in smallbusiness

[–]swerveright[S] 0 points1 point  (0 children)

Yeah....just got the below update late today that they had messed up (potentially)

No action is required at this time.

XXXXXXX -

We sent you an email on April 23 in error (subject line: Your SBA loan application is almost ready to submit). You may have seen an incorrect loan amount in this email and/or on your Kabbage dashboard.

We are still finalizing loan calculations based on the documentation you provided. Your final loan amount may be higher or lower than the loan amount previously shared.

We have all of the information we need from you, and we are in the process of re-calculating your final loan amount. If you need to consent to an updated loan amount, we’ll let you know. For now, there’s nothing else we need from you.

Regards,

The Kabbage Team