Peter Rudegeair

speaker

756 appearances 12 recordings 1 series first heard Nov 2017 last heard May 2021

Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Small Businesses Turn to Small Banks to Apply for PPP Loans · 3 Aug 2020 podcast

You know, you have not had an account with us before.

Hear us out.

Give us a chance to win your business.

But even if you decide not to do business with us again in the future, that's fine.

We'll still help you with this PPP loan.

Every bank has told us that PPP has been unlike any other loan program they've ever participated in.

They had a week to get new systems up and running for the bigger banks who have millions of customers.

They decided they had to centralize everything.

They had to build new technology because they were going to get inundated with applications.

And that takes time.

And by the way, there's a lot of legal complexity and the rules kept changing, as we talked about a minute ago.

There was some liability and, you know, fear on the part of the banks who in the past have gotten disagreements with the government over their role in the mortgage crisis, thinking that they want to be, you know, extra careful this time around.

All led them to be maybe slower than a smaller bank who, you know, view this as a business opportunity.

So they say, listen, in the end of the day, we still lent more money in a couple months to small businesses than we do, you know, in a year or two years usually.

You know, they're kind of proud of the way that in the end that they were able to help a lot of their customers.

But no question that there was a delay in getting the aid out the door.

And no question that many of the biggest bank customers still went unhelped.

So I think a lot of people chose to go with a big bank when they opened their business because bigger was kind of thought to be better, right?

Bigger banks have more branches.

They have bigger budgets for technology, more digital tools.

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