Texas Hotel & Lodging Association (THLA) has partnered with TransPecos Banks, a Texas state savings bank headquartered in San Antonio, to be the endorsed source for hotel owners to obtain First and Second draw Paycheck Protection Program (PPP) loans. The Small Business Administration (SBA) opened its application portal and TransPecos is now accepting applications online from hotels for processing first and second PPP loans. Please find a dedicated link HERE .
TransPecos Banks has been a leader within the State of Texas in processing PPP loans as a result of its ability to utilize its automated loan origination system. The software, Full Skope, was adapted specifically for PPP loan processing by TransPecos Banks in March 2020 when the special program was first authorized by Congress. TransPecos processed more than 7,000 PPP loans during the first round of PPP lending. The median size of the loans made by the bank was $19,000, making it a great resource for the smaller independent hotels who are in need of participation in this federal program.
TransPecos will provide Texas hotel owners with access to the PPP loan application process and has dedicated staff to assist owners with the necessary documentation to meet program guidelines to obtain the loans. TransPecos also has an automated solution to assist PPP borrowers in the forgiveness process.
“Our Bank is extremely proud to partner with THLA and Texas hotels and is dedicated to providing access on a priority basis to all hotel owners in the state,” said TransPecos Banks Chairman Patrick Kennedy, Jr. “We recognize that this industry is one of the most impacted by the pandemic and needs the most assistance.”
“This partnership is designed to provide Texas Hotel owners with access to a Bank that can provide online easy access to PPP loans and provide an added financial benefit to THLA and its members who successfully obtain a PPP loan. ” said Scott Joslove, THLA President and CEO. Congress has made the loans easier to qualify, expanded the eligible uses and simplified the forgiveness process, particularly for loans under $150k. We are confident that TransPecos can provide the service and access that our members need.
About TransPecos Banks
TransPecos Banks is a Texas state-chartered savings bank headquartered in San Antonio, Texas with offices in downtown San Antonio and branch offices in Pecos, Alpine and Marathon, Texas.
About the Texas Hotel & Lodging Association
The Texas Hotel & Lodging Association (THLA) is a nonprofit trade association representing every aspect of the lodging and tourism industry.
Our membership includes lodging operators and tourism partners across Texas, from the largest hotels to the smallest bed & breakfasts, along with full-service and limited-service operators, convention and visitor bureaus, chambers of commerce, and vendors who work with the hospitality industry.