Everything’s changed and nothing’s changed. We are in the middle of the most incredible crisis in modern times. We are thankful every day for the resilience of our leaders and our government. We are band together with our friends, co-workers and our family to help each other, comfort each other.
The next 90 days
I just read that New York City registered another 4,000 death today, counting all of the suspected death from Covid19. It’s a heartwrenching story to read and a sobering moment. “We will get through this” has been the rallying cry of many leaders, business owners, entrepreneurs that I talk to daily. And they are right, we will get through this.
People ask me, “what’s next?”. Truthfully, I don’t know what’s going to happen next. But here’s what I do know, our entire team is on point to service our clients. We are actively planning with our clients and customers to get through the next 90 days.
What’s really happening?
For those that lived through the great recession of 2008 and 2009, we know that we will see the lushest financial market on the other side of the curve. Specialty lenders, home improvement lenders, point of sale financing companies made millions of servicing customers that are turned away by big banks that are slow to react or bound by government regulations and can’t act.
We see this again with the PPP or Payroll Protection Program. Big banks are too slow to act and perhaps don’t want to act because there’s no money in it for them to serve America’s small businesses. They don’t want to take on the burden to do the government’s dirty work. Most of the entrepreneurs or small businesses don’t know where to turn to get PPP loans.
Worst, we don’t know which lender is approved or are they simply taking the opportunity to collect information and never intended to work with the SBA (Small Business Administration) to issue PPP loans. If you’ve successfully gotten a loan number or a promissory note, I encourage you to comment below and let our readers know how they can go about getting these benefits from this program.
We are here
We onboarded two new clients this week in home improvement space as well as personal lending space. We couldn’t be more blessed to have these incredible companies trusting us with their core businesses and starting new products.
This week we also launched a company that’s outside of financial services space. Our platform is so versatile that we can work with any companies out there that need to strike a balance between parties. More to come on this one and I am super excited about this project. It took us 60 days to build this new vertical from scratch based on our existing Alchemy lending operating system. We couldn’t be prouder of our accomplishments.
I want to talk about a new feature we worked on. Alchemy Payment Portal is finally live, it’s built on years of development and it is fully integrated with a robust ledger to track all principal, interest, late accrued interest and fees. The Alchemy Payment Portal understands how to apply each payment against a waterfall of payouts starting with late fees and interest and ending with scheduled interests and principal.
We are very excited about this feature and we will start offering this to customers that utilize the loan management portion of our end to end lending platform.
Lastly, I want to give you a heads up that we will launch our Alchemy LeadGen Command Center shortly that will help our clients to manage lead buy from online lead generators. More to come in the next installment of “Behind The Apply Button” blog.
Most of our existing clients and new partners are retrenching. Hardening their platform, underwriting rules, pricing strategy and marketing strategies. No one is backing down from this temporary shortfall. Let the “Great Reset” begin.