Understanding the ELT Program

As more and more business owners continue needing loans, banks and loan companies will need a type of collateral to ensure payments are made. Collateral typically includes an owner’s house, but not all business owners are homeowners. To combat this issue, automobiles can also be used as collateral. When taking out a loan, a business owner can add the bank or loan company as a lienholder. In order to do so, they must go to the DMV and add the bank or loan company as a lienholder, which can be time-consuming and inconvenient. “DMV developed the Electronic Lien and Titling (ELT) Program to hold lienholders’ title information in an electronic format. This system uses electronic titles in place of paper titles to reduce handling, storage, and mailing costs.” -DMV In…
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What To Do After Your SBA Loan Application is Declined

With the increasing need for loans, the SBA and other loan programs have become overwhelmed with the amount of applications received daily. A lot of times, applicants got declined for some of the following reasons: Low or nonexistent credit score Insufficient or incorrect information Lack of collateral Insufficient income After the initial denial, you can request an appeal. Our services help dozens of businesses who have been initially denied receive their desired loan. At MTKT Capital, we identify the cause of your denial by looking at your denial letter. We assess how to proceed by looking at your unique situation to make sure you as the client are receiving all our efforts. Some of the ways to receive the appeal is through adding a co-signer or applying at a different…
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Paycheck Protection Program: A Pandemic Response

[caption id="attachment_1116" align="aligncenter" width="300"] Photo by Carlos Muza on Unsplash[/caption] In the wake of a global pandemic, small businesses struggle to keep afloat. Nail shops, tailoring services, auto shops, and more were forced to shut down due to stay-at-home orders, disrupting many business owners’ main source of income. After much anticipation, the federal government rolled out the Paycheck Protection Program (PPP)−a federally backed loan program aimed to aid small businesses and contractors through trying times. "The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll." - SBA/gov The Small Business Administration (SBA) offers loan forgiveness if all employee retention criteria are met, and the funds are used for eligible expenses. Businesses must use the entire fund on essential expenses such as rent and payroll for the…
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