The American Financial Services Association (AFSA) yesterday, April 8, submitted a comment letter to Small Business Administration (SBA) Administrator Jovita Carranza asking that the Paycheck Protection Program (PPP) rules be amended to explicitly permit vehicle-finance lenders to make PPP loans and allow traditional installment lenders to access them.
The letter notes that traditional installment-lending companies need access to the funding offered by the PPP to effectively maintain access to credit for the consumers and communities they serve.
“Traditional installment lenders are mobilizing to ensure they are part of the solution to the crisis and the recovery, providing emergency credit to meet critical short-term needs and working with borrowers to minimize future economic consequences,” President & CEO Bill Himpler wrote in the letter. “This is what installment lenders have done for more than a century through wars, natural disasters, depression, recession, and uncertainties of all kinds. From their offices in their customers’ communities, they are continuing to serve those who need them.”
Vehicle-finance lenders support the American economy by offering funding for consumers to purchase vehicles. They also can be a key funder to small businesses in virtually every part of the country: vehicle dealerships.
“AFSA respectfully requests that the SBA consider the needs of the thousands of small business auto dealers across the country,” Himpler continued. “The quickest way to get loans to small business dealers is through the finance companies that are already lending to them.”
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