Would you like to read about my Kabbage PPP loan fail story because after having promoted it in a video and the loan being approved, the unexpected happened?
The Kabbage PPP Loan Fail Story
I’m coming to you guys live today from my bathroom to tell you the recent story of my newest fail, it’s called “The Kabbage Paycheck Protection Program Loan Fail.”
You’re going to like this one.
I submitted my application for a Paycheck Protection Program loan. These were allowing up to $6,000 to be given to you during the Covid-19 epidemic.
“Oh, I just said that word for the first time!”
Basically $6,000 just pretty much given to me for free.
I recently logged into my Kabbage dashboard today and I see that while the loan was issued, they did not give me my loan documents to sign, even though I immediately gave them every document they requested. They did not give me my loan documents to sign within the required 20 days and therefore my $6,000 loan, which $4,000 would be essentially just a gift is not able to be issued.
They didn’t even send me an email to let me know that. When I first saw the message, this feeling of anger just blew up in me.
I’m like, “Are you serious?”
I made a video promoting that you’re doing these applications that tens of thousands of people watched and hundreds of thousands of people saw in the newsfeed on YouTube and on search results.
I’ve gone through so many documents, I’ve sent them, and then they drop the ball. They get the loan approved and failed to give it to me. What sheer and utter incompetence.
Fortunately I’ve learned to back it up a little bit and look at, “Well, what did I do? Sure, maybe they are incompetent. Sure they did not follow through and that’s going to cost them money, not getting me the loan like as they get a percentage.”
I looked at, “Well, what did I do in this situation?”
I applied with Kabbage, a company that I’ve not ever worked with except in their affiliate program. Two people signed up for their business credit line and earned me $500. They gave me a $10,000 business credit line, which I have not used.
Instead of applying with my bank that I’ve worked with for nine years, I applied to this company I barely knew, that’s on me. That’s not on them, that’s on me, I did that.
The next thing I just realized, which made me feel pretty good is I think I did this. I think I caused this problem.
I made a video showing how to do the application for a Paycheck Protection Program loan with Kabbage that tens thousands of people watched and probably thousands of people from that video submitted applications to Kabbage.
This appears to be…
“What’s up RedOne. Thanks for watching on the live stream.”
Kabbage appears to be a relatively small company, probably with not very many employees. Maybe I’ve looked at it wrong, maybe I haven’t.
Then I made this video that probably drove thousands of applications into them on something they don’t know what they’re doing with and they’ve probably got not enough employees to handle this.
Their system didn’t appear to be very well designed for it and I send thousands of people their way not considering the impact of making a video on their business.
Now, if I’ve made the video on Chase or a big bank like Bank of America, it wouldn’t have mattered if an extra few thousand applications came in because these are huge companies anyway, but I make one about this little company and get thousands of applications flooding in.
Well, why were they incompetent?
Probably because I made that video and instead of them working with a smaller number of customers, then they get thousands extra from me and probably thousands of extras from other places, and all of a sudden they’ve got way too much to do.
Again, my bad, and am I angry at myself?
No, I’m not angry at myself. I did the best I could. They had it up before my bank did, so I applied with them and they did the best they could, which was to get me a loan approved, and then not deliver it to me.
Do I have enough money today?
Yes, I have $6,000 in the bank and I’ve got thousands more coming.
Now, never mind how much depth there is. Never mind what my minimum payments are. I have enough money in the bank and at this rate, at no point am I going to be broke.
So, what’s the big deal?
I’ve shared this story because what I hope you can see the process I use where I got an email that initially blew up with an angry reaction, and when I told my wife, she was like, “Oh really? That sucks.”
I worked in just a few minutes through my head to where I’m not angry at them anymore.
In fact, I understand and I see what I contributed to the situation.
I definitely thought about sending them a nasty email, but I prayed instead and I said, “What can I do to help in this situation? What can I do to help and be of service?”
That’s why I’ve shared this.
I hope it’ll help you next time you get a message that you blow up and you say, “Seriously?”
Then you can look back in and say, “Well, what did I contribute to this situation?”
I love you.
Thank you so much for being here, 15 on the live stream, nice.
I hope you guys have a wonderful day and I’ll see you tomorrow or the next day.
If you live near St Petersburg, Florida, I would love to meet you in person.
Go to Jerrybanfield.com/show, you can now come see me in person every week near St Petersburg, Florida.
Edits from video transcript by Michel Gerard.