Skyway Capital Markets (Skyway) is pleased to announce that 100% of the companies the firm advised (and submitted completed applications for) were approved for loans under the Federal Government’s Paycheck Protection Program (PPP).
As the Government set out to provide financial relief to businesses across the country dealing with the fall out of the pandemic as set out in the CARES Act, Skyway acted swiftly to set up a group to advise companies on Government related programs beginning with the PPP rounds one and two. Given their initial success, the Skyway team is uniquely positioned to help qualifying businesses apply for loans with the Main Street Loan Program (MSLP).
Skyway has been a champion for its middle market clients grappling with the pandemic. The new advisory group built an online portal to collect and gather information required that allowed the banks Skyway partnered with to process the loan transactions quickly and efficiently.
“We wanted to help our clients in a meaningful way, so we leveraged our relationships with SBA ready community banks,” said Skyway CEO Russ Hunt. “We’ve gained substantial experience working with the CARES Act programs and are ready to apply our expertise to advise and assist companies with the Main Street Loan Program.”
Hunt said the purpose of the Main Street Lending Program is to facilitate lending to small and medium-sized businesses through the Federal Reserve’s purchase of up to $600 billion in loans to companies from banks.
“Every CARES program comes with its own set of rules, restrictions and procedures. The MSLP is for much bigger loans with more complexities and we’ll be providing capital raising services and advice in conjunction with these types of loans,” Hunt continued.
The firm advised companies operating in a wide section of industries such as a restaurant group in South Carolina, a biomedical company in California, a technology company in New Jersey and a marketing company in Las Vegas. Another client, Blue Duck Scooters based in San Antonio, TX, is now able to retain staff to continue expanding their micro-mobility footprint across the Southwest and Southeast.
Kevin Hourigan, President of Bayshore Solutions, a digital marketing agency in Tampa commented, “Before reaching out to Barry Shevlin at Skyway, we had applied for PPP through one of the large, national banks and for 9 days had minimal communication. Skyway facilitated our SBA approval in just a few days with a community bank. I shared my experience with a fellow digital agency owner based in Jacksonville, FL and the Skyway team and helped get their loan approved in 2 days after not having luck with their national bank.”