– not for profit). Radius Bank is standing up a Paycheck Protection Program loan forgiveness tool, even as many banks feel left in the dark by the Small Business Administration, which hasn’t yet released details on how the process will work. *Emails are not inherently secure. 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees are also eligible. They had a live representative that I could talk to & they helped start getting it resolved. Yes/no, Is applicant a franchise? Radius Bank: $350K–$1M loan to PEACH STATE CONSTRUCTION COMPANY LLC ... 2020 and includes all approved, active Paycheck Protection Program (PPP) loans worth $150,000 or more. We’re here to help. To keep his options open, Sussman also started the application process at PNC. At Radius, we put our customers at the center of everything we do. Chat with us online, or reach us by phone or email. I tried depositing cash in an ATM, the machine said ‘transaction cancelled’ but didn’t give me my money back. Businesses with no more than 500 employees are eligible small businesses, or the applicable size standard for the industry as provided by SBA, if higher. Start yours online today. Affiliation Rules: The program waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through the Small Business Investment Company (SBIC) program. Chat Bot Rae and Customer Service Rep. Jessica responded quickly and informed me of exactly what I needed to do and took care of my concerns.”, “Jessica at Customer Service was extremely thorough and informative, especially in light of all the uncertainty in the current environment. I’m looking forward other future collaborations with Radius Bank. With assets of approximately $1.4 billion, Radius Bank is a forward-thinking virtual bank offering a full complement of leading-edge personal and business products and services. With assets of approximately $1.4 billion, Radius Bank is a forward-thinking virtual bank offering a full complement of leading-edge personal and business products and services. Also included in Business are Tailored Checking accounts opened after 11/16/2020. Submitting a forgiveness application does not guarantee loan forgiveness. The Bank will evaluate the applicable SBA Forgiveness Application Form provided by borrower, with all supporting documentation to determine the eligible forgiveness amount per SBA guidelines. PPP loans made by Cross River Bank, Member FDIC. are needed for your loan to get forgiven by the SBA. This has been a stressful time for small business owners and Radius has really helped me to navigate the application process for an SBA loan. Businesses with more than one physical location qualify so long as total combined employees are below 500 employees (unless the businesses operated under NAICS code beginning with 72) or otherwise meet the SBA’s size standard based on NAICS code. Provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses. Backup proof of the utilization of funds with the above parameters within 24 weeks of funding, as well as a completed SBA PPP Forgiveness Application (. The NorthOne MasterCard Business Debit Card is issued by Radius Bank pursuant to a license from MasterCard U.S.A. Inc. and may be used everywhere MasterCard Debit Cards are accepted. Get industry updates and expert insight from Radius Bank. Get your business the help it needs to be successful by applying for a Secured Business Loan through Celtic Bank. NorthOne is a digital bank made for business builders. Every staff interaction has been positive. This has been a stressful time for small business owners and Radius has really helped me to navigate the application process for an SBA loan. You will be able to borrow money based on “payroll costs” which is defined very broadly and likely includes things not normally thought of as payroll. I am a small biz CPA in North Carolina, and Radius Bank is THE best financial institution I have seen in my 30 years of experience.”, “I’ve been so thankful for the help during this uncertain time. “Everyone at Radius Bank has been great! It offers two APYs depending on the account balance: $25,000 and up: 0.25 percent; $2,500-$24,999.99: 0.15 percent Chat with us online, or reach us by phone or email. The Payroll Protection Program is administered by the Small Business Administration and offered through Radius Bank. Business is defined as small business clients who do not have ACH origination, a Desktop Check Scanner, and / or Positive Pay services. Use our online application to apply for forgiveness of your Paycheck Protection Program loan with the SBA. Our award-winning virtual banking platform allows you to bank from anywhere with a computer or mobile device. Your deposits are FDIC-insured up to the highest possible amount allowed – $250,000.6. With Radius Bank, you can make mobile check deposit and receive liberal ATM fee reimbursements. Have a question? That’s why we focus on providing products and services that are not only convenient but help to make life easier. I was a customer for 6 years before the proverbial ‘hammer’ fell on me. 33 reviews of Radius Bank "First of all, it is not called First Trade Union bank anymore. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. However, it offers exceptional mobile and online banking services to people from all around the country. Sole-proprietors, independent contractors, and other self-employed individuals are eligible for loans. That’s why we focus on providing products and services that are not only convenient but help to make life easier. for forgiveness of your Paycheck Protection Program loan with the SBA, The SBA has stipulated that at least 60% of your loan must go towards payroll. We’re here to help. We use 256-bit encryption to ensure that data is protected with the highest level of security. The additional 40% can be applied towards utility bills, rent, as well as mortgage interest. The woman, 72-year-old Geraldine Brimley, had applied for a PPP loan of about $9,300 through Radius Bank and received a little less $2,300. I am impressed. October 8th – The SBA and Treasury Department have announced a simpler PPP forgiveness application for loans of $50,000 or less. Thank you for being you!”. We’re still accepting applications! Payroll documentation for the forgiveness period. *Note: Your loan number has been sent to you in an email with the subject line “Information on the PPP Loan Forgiveness,” and it can also be found on your loan documents. Please refrain from including personal or confidential information when initiating an email to Radius. “Everyone at Radius Bank has been great! Thanks Radius!”, “Outstanding experience! What People are Saying About the PPP Program. Radius Bank is standing up a Paycheck Protection Program loan forgiveness tool, even as many banks feel left in the dark by the Small Business Administration, which hasn’t yet released details on how the process will work. *Emails are not inherently secure. About Us. The Paycheck Protection Program was created by the CARES Act. Hundreds of Radius Bank PPP loan recipients have already had their loan forgiven 100% by the SBA. SBA PPP Loans. I’m looking forward other future collaborations with Radius Bank. Our award-winning virtual banking platform allows you to bank from anywhere with a computer or mobile device. Radius Bank (formerly First Trade Union Bank) is an online-focused community bank based in Boston, Massachusetts. ATM network fees may apply. Thanks again to everyone at Radius Bank.”, “Joyce in Customer Service was great… she spent a lot of time with me and made me feel appreciated as a Radius Bank customer.”, “Joseph in Customer Service couldn’t have been more helpful! The Business must be operational as of February 15, 2020 and have had employees it paid salaries and payroll taxes, or a paid independent contractor. It was great to chat with a live person and get my questions answered. Thank you for being you!”. All Rights Reserved.Routing # 211075086. Join our waitlist to be first in line if the program is extended. Thanks again to everyone at Radius Bank.”, “Joyce in Customer Service was great… she spent a lot of time with me and made me feel appreciated as a Radius Bank customer.”, “Joseph in Customer Service couldn’t have been more helpful! Additional program restrictions may apply. © Radius Bank. With assets of approximately $1.4 billion, Radius Bank is a forward-thinking virtual bank offering a full complement of leading-edge personal and business products and services. To get started visit: https://lnkd.in/gqiAMU6 —25 days ago CUSTOMER EXPERIENCE. At Radius, we put our customers at the center of everything we do. All loans are subject to credit approval. All I have to say is Wow. Select the down arrow above for more options. Business is defined as small business clients who do not have ACH origination, a Desktop Check Scanner, and / or Positive Pay services. We have made a simple, convenient online application that allows you to easily apply and track your status. He was quickly granted the additional $2.8 million loan from Radius. MEADOWS BANK PAYCHECK PROTECTION PROGRAM (PPP) 1 2 While we wait for these details, below is a chart comparing what we currently know of the two programs: USES – Payroll (Employee salaries + benefits) – Interest on debt obligations incurred before February 15, 2020 – Mortgage – Rent, utilities AMOUNT We have made an update to our login experience for business banking customers. Radius Bank assumes no liability for the products, services, content, policies, or security of third party sites. It was great to chat with a live person and get my questions answered. The SBA has stipulated that at least 60% of your loan must go towards payroll. Radius Bank had asked potential PPP borrowers to fill out the SBA’s PPP application, Form 2483, and a separate bank-specific online form when applying, spokesperson Kathleen Barrett said. Get industry updates and expert insight from Radius Bank. For a list of Frequently Asked Questions about Loan Forgiveness, click here. Applications are subject to bank approval. Additional program restrictions may apply. Select the down arrow above for more options. The Boston-based bank is creating its own solution in advance of the PPP forgiveness process that will start […] Commercial is defined as our Commercial, Institutional, Municipality, API Banking, Escrow, and Cannabis Banking business clients. For a list of Frequently Asked Questions about the program, click here. https://radiusbank.com/business/sba-loans/ppp-forgiveness/. Page 1 of 2 1 2 Next. Submitting a loan application does not guarantee a loan. And he continued from there applying for other PPP loans with Bank of Hawaii. The Payroll Protection Program is administered by the Small Business Administration and offered through Radius Bank. All Rights Reserved.Routing # 211075086. Celtic Bank is a leader in SBA Loans. With the end of the year approaching, why not apply for forgiveness today? Maximum loan amounts may not exceed $10 million, will bear interest at a rate of 0.50%, will be subject to partial forgiveness as described below and will be 100% guaranteed by the SBA. June 19th – The SBA and U.S. Treasury announced enhanced transparency regarding the PPP. Learn More. Here’s what you’ll need to submit to apply: 2019 company prepared financial statements or tax returns, Either your Articles of Incorporation, Articles of Organization, Partnership Agreement, or Trust Agreement, Copy of Driver’s License for all owners owning more than 20% of the company (at least ONE is required on every entity), even if there is not a 20% owner (i.e. 10-weeks) up to $10MM, Loan forgiveness available for payroll costs, mortgage interest, rent payments, and utilities, 501c3 non-profit, veterans associations, sole proprietors, 1099, solopreneurs also qualify, No personal guarantee or collateral needed. Radius Bank offers its Radius High-Yield Savings account. He applied there, too, and the process went relatively smoothly. © Radius Bank. You will be able to borrow money based on “payroll costs” which is defined very broadly and likely includes things not normally thought of … Radius Bank is an online-only bank founded in 1987 and headquartered in Boston. If so please name the franchise. Power1 Integrated was awarded a loan valued between $150,000 to $350,000 from Itria Ventures LLC on June 29 and then awarded a second PPP loan in the same range from Zions Bank … I notified the SBA, my bank who supplied my PPP, I initiated a BBB complaint & then I contacted Radius Bank (who is the actual bank). SBA current affiliation rules applies eligible nonprofits. Avoid Radius Bank at all costs. 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