Allied – COVID 19 Update – April 1, 2020

COVID-19 Update

Today, we wanted to let our partners know that we are thinking of all of you. Our thoughts are with each of our employees, clients, referral partners, industry peers, and others with whom we encounter.

Many businesses are struggling; others are finding niches to fill a void. And, others are finding ways to give back by manufacturing or procuring supplies to those in need or donating to groups or individuals. We all seem to be planning for the worst, and yet, we are all hoping for the best ultimate outcome. We continue to be amazed at the resiliency and adaptability of our community.

Through our conversations with many of you, we’ve seen some themes in the information that you’re needing. Here’s answers to those questions. Please keep asking, we’re here to help you through this time and offer our assistance to help you survive and thrive. 

SBA Help:

  • The CARES ACT Payment Protection Program (“PPP”) was passed on March 27, 2020. The streamlined application was implemented on March 31, 2020. Applications can be submitted to your local financial institution on April 3, 2020. For information on this program or the application, contact your local financial institution. Axiom Bank, N.A. is also a preferred SBA lender and can help with these requests.
  • If you are also looking to complete an application for the Economic Injury Disaster Loan program and have not already done so, you can do that here by going directly to the SBA at this link. Companies with an Economic Injury Disaster Loan can apply for the PPP loan, provided it will not duplicate the applicant’s use of the Economic Injury Disaster Loan.

Cash Flow for Your Business or Someone You Know: 

Allied Affiliated Funding, a division of Axiom Bank, N.A. is doing business. We are continuing to help companies seek working capital solutions, be it accounts receivable financing or ledger asset based lending which includes inventory, equipment and other term loan transaction.

We know that some factors and lenders have stalled or ceased processing new business requests. That’s not Allied. We are here to help. Call us today if someone you know is seeking a factoring or accounts receivable financing facility, including for those in oil and gas and other impacted industries.

Predatory Lenders: 

As many of our customers and referral partners have seen, these lenders have grown over the past several years. They may not require financials or detailed information, other than perhaps bank statements and a short application. We caution business owners to review these carefully, as many of these loans include costs of 40% (interest) or more, even up to 100% of the loan provided. Additionally, recently, these lenders are not returning calls on existing customer transactions in the wake of the environment in which we find ourselves today.

These types of transactions can cause a financial burden on a business, hurting cash flow even more. At Allied Affiliated Funding, we can help by providing term loans or overadvances to accommodate this working capital need instead, or identify other resources at a much-reduced cost of funds for a business owner.


Remember also that cybercriminals are using COVID-19 concerns to launch various phishing scams. These scams include business email compromise which is a fast-growing category of cybercrime, where a fraudster impersonates a business owner, executive, or vendor to induce an employee into transferring money or providing sensitive information. In the case of a receivables financing client, it can even be where a client’s customer is notified by the fraudster to send their invoice payments to someone other than the business owner or finance company, thereby costing the receivables financing client those funds being sent to pay those invoices.

Be on alert and implement processes in your organization for when payment remittance information is changed to ensure you and your customers’ information is protected. For more information on this, please contact Allied directly, and we can help answer questions or provide you a free consultation with a cybersecurity consulting firm. If you want more information on our thoughts around this topic, please also refer to our recent article on preventing phishing attacks.

Again, we are here to help along this journey. We will prevail through this together. Look at all we’ve adapted to already in such a short time.  Stay strong, safe and healthy.