FREE SUBSCRIPTION Includes: The Advisor Daily eBlast + Exclusive Content + Professional Network Membership: JOIN NOW LOGIN
Skip Navigation LinksHome / News / Read News


LCA Bank Helps Secure $60MM+ in PPP Loans for Small Businesses

May 13, 2020, 07:17 AM
Filed Under:

LCA Bank Corporation (LCAB) announced the funding of more than $60 million in Paycheck Protection Program loans. LCAB is a wholly owned subsidiary of Lease Corporation of America (LCA), a full-service financing company specializing in technology and industrial equipment financing.

LCAB is dedicated to consistently meeting clients’ needs and providing exceptional support. Despite the eligibility and access challenges that both lenders and borrowers faced with interpreting the SBA’s PPP guidance, LCAB had great success. LCAB worked closely with its small-business clients to ensure applications were completed properly for timely submission to the SBA. In addition to the hands-on service, LCAB communicated status in real time to keep clients in the know about their loan application.

“After two rounds, we were able to secure loan authorizations for over 640 companies and non-profits across the country,” said Jeffery Sugg, CEO of LCAB. Borrowers, many of them desperate to get their applications approved, showed their appreciation with an outpouring of emails and phone calls.

“I’m enormously proud of our teams, who worked nights and weekends to pull this off,” added John B. Kemp, Chairman of LCAB. “Many of our borrowers were existing clients or organizations in underserved segments of the economy, including charities and qualifying non-profits, as well as women and minority-owned enterprises.”

Kemp added, “After reading the great many expressions of thanks we’ve received, it’s gratifying to know that our efforts have resulted in something so impactful for our numerous borrowers.”

LCAB extended an invitation to apply to all of its customers and vendors, as well as organizations who did not have a current business relationship with LCAB. Many chose to work with their existing bank, while others, frustrated with their bank’s lack of communication, chose LCAB to help them get access to this important funding.

“Our next phase with PPP is to prepare our borrowers for the forgiveness provision in the program,” said Sugg. “I fully expect this to generate many questions and require our teams to step up again to help our borrowers through the process.”

Comments From Our Members

You must be an Equipment Finance Advisor member to post comments. Login or Join Now.