Alex Lelchuk had been viewing President Donald Trump on television this week as he heard a familiar sound offering the president some tough news.
Noah Wilcox, a residential district banker from Minnesota, had been telling Trump that their administration had been bungling the rollout of this $349 billion Paycheck Protection Program. Many disappointing, Wilcox told the president, ended up being that a 3rd associated with the 5,000 community banking institutions when you look at the U.S. remained waiting around for the governmentвЂ™s approval so they really could start using applications.
That caught LelchukвЂ™s attention. For four days, their application have been in limbo at U.S. Bank, where he has got been doing each of their banking for decades. Lelchuk, whom has a tiny technology company in St. Louis Park, made a decision to contact Wilcox, a vintage customer, and get up. A couple of hours later on, Lelchuk had an account that is new Minnesota Lakes Bank and a finished application.
вЂњWe may just go most of our banking over here,вЂќ said Lelchuk, owner of Lelch sound movie. вЂњWe donвЂ™t have a good cause for being by having a big bank. Whenever push arrived to shove, they werenвЂ™t capable of being here for all of us.вЂќ
This week, many small-business owners continue to complain about the challenges they face in finding a bank willing to handle their submission though an outpouring of demand prompted the Trump Administration to request another $250 billion for the emergency loan program.