The Small Business Administration (SBA) initially released details on 660,000 companies who received PPP (Paycheck Protection Program) loans of $150,000 or more. In addition to the name of the company and the amount of their PPP loan, the initial SBA data included other valuable information including the lending bank. The SBA has since released details of all 5.1million companies that received PPP loans (including companies that received loans of less than $150,000. These new releases include the exact amount of the loan received, number of jobs retained & full addresses for each company that received funding.
To date, over $700 billion in funding has been provided to U.S. Small & Mid-Sized Businesses (SMB’s) through the Paycheck Protection Program (PPP). This program was established to help keep these businesses afloat and survive through the hardships that COVID-19 has brought to many companies. The potentially forgivable loans have been provided to help businesses pay their employees and cover utility and other overhead expenses. Given the difficulties of these unforeseen times, without the PPP program, many businesses may not have been able to make it through.
To help our clients leverage PPP loan data as part of their SMB lead generation strategies, RelPro’s product engineering team showed their agility and incorporated each release of SBA PPP loan data into the RelPro relationship intelligence platform in just a few days. Now, you may be thinking, since this is publically-available data and anyone can look it up, what’s the benefit of adding it into RelPro? Well, as you know, RelPro is all about saving you time by integrating multiple best in class datasets into an easy-to-use interface. Rather than reviewing the SBA list offline and researching each company line item one by one, in RelPro you can quickly search for companies in your target market (including filters based on revenues, employee count, industry & location) that received a PPP loan – and you can further qualify your search to find companies whose PPP loan was provided by a specific lender. Once you’ve refined your list, you can research each company in greater depth (including seeing if they have outstanding UCC filings, received VC or PE funding, and seeing what’s going on with them in the news), and then quickly pivot to identify and get in touch with key financial decision-makers (with actionable accurate emails and direct phone #s).
RelPro clients quickly saw the value of being given the ability to “slice n dice” the PPP Loan data in 2020, and they continue to leverage the expanded SBA PPP data (all 5.1 million companies!) within RelPro in 2021 to:
- Identify new prospects based on their PPP loan size – to gauge a company’s future needs based on the amount of the PPP loan they received.
- Identify new prospect companies based on their PPP lender – by searching companies that raised their PPP loan through a competitor bank where your bank has beneficial product or service offerings.
- Find any clients who may have turned to another bank for their PPP loan during these times of need.
Knowing which companies to call and who to reach out to is crucial to securing a meeting, but to build credibility in that conversation, you also need industry knowledge and context.