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With PPP Closed, Small Businesses Have These Funding Options

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As the economy bounces back and the U.S. transitions out of the pandemic, small-business owners will need access to capital to both recover and grow. However, since federal relief from the Paycheck Protection Program ended on May 31, business owners may be wondering where to get financing or looking for new options after an unsatisfactory PPP experience with a particular lender.

“You’re a number at a big bank,” says Carson Lappetito, president of Sunwest Bank, a regional bank headquartered in Irvine, California. “I think most clients experienced this when they went through PPP.”

The best source of funding will always depend on a company’s specific needs, qualifications and industry, among other factors. Here are four options to consider.

Small banks typically offer low interest rates, long terms and high loan amounts, as well as personalized attention and streamlined decision making. However, their technology has lagged behind other lenders. Lappetito says that’s become less of an issue.

“The biggest change PPP and the pandemic has had on banks, as well as bank clients, is it pulled forward the digitization of banking by five-plus years,” Lappetito says.

As an example, banks........

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