In part one of our five-part SBA Solution Series, we dive into the key obstacles to successful PPP lending and explain how to overcome them.
The new $900 billion COVID-19 relief bill includes an extension of last spring’s Small Business Association (SBA) Paycheck Protection Program (PPP)–allowing $284 billion in forgivable loans for struggling small businesses.
When the first round of PPP rolled out, many banks and credit unions were unprepared. Subsequently, they missed out on the opportunity to grow their loan portfolio and provide economic relief to the community.
Financial institutions are now preparing for another surge of applications and the many challenges inevitably associated with high-volume lending. Despite these obstacles, there are solutions to fit your needs.
Obstacle No. 1: Retaining your customers
Right now, millions of Americans are actively seeking information about the second round of PPP. But how are you capturing inbound requests for a program that isn’t fully designed? How are you competing with the 5,461 participating lenders? How do you manage the influx of questions surrounding a program you’re still trying to figure out yourself? And more importantly, how are you keeping track of customers who are coming to your website and looking to you for answers?
With marketing automation, you can capture the information of your interested customers, nurture your relationships and offer reassurance that you have a strategy in place to meet their needs. Ultimately, you’re not only capturing a customer for emergency relief–you’re also capturing a high-quality customer for life.