Letter From The President – March 23, 2020
Trans Capital, like so many other organizations around the nation, is dealing with unprecedented times and have closely monitored the news and events surrounding COVID-19. In speaking to many of our customers we are acutely aware of the pain being afflicted on vast industries by these extremely fast paced changes in all markets. Although there are some industries and areas that continue with less effect, the Hospitality, Retail and Transportation businesses have been vastly impacted and it is with those that are experiencing grave hardships that our hearts go out to and we are working daily to establish protocols and products that can help.
We are working through this, as you are, and our main concern is with the health and wellbeing of our customers, family and friends and are looking towards Industry and Government leadership to drive an expedient end to this extreme situation.
TransCapital remains intact, open and ready to assist in this time of crisis. We hope for better news soon but plan to assist all that are affected if this becomes a more protracted event. The best way to contact us during this time is with email – [email protected] as phone lines and text have been less effective at getting your message to the entire team. Email helps us work more efficiently across the spectrum of needs and get to your request sooner.
As of today the following are important notes to understand. If there are additional questions or needs during the next few weeks again we ask that you contact us through email. We will respond to the current voice messages as we can but as you can imagine the call volume has escalated exponentially and if we are on the phone we are not working on the progress needed to help affected customers.
- TransCapital is open. The steps taken early on to fortify our technology platform enable us all to work wherever and whenever it is needed. With that said if you are in need of additional capital during this time please reach out in the same manner as mentioned above.
- New Applications and the additional information that may be needed can be submitted online and will be administered within 24 hours https://www.transcapfunding.com/apply-now/
- Loan Modifications are being offered – Customers experiencing extreme conditions that are requesting relief from current payments are being addressed in the most fastidious manner possible. If you are one of those affected we ask that you contact us for a contract modification questionnaire and we will help to facilitate that change ASAP. We are working with each customer and partner depending on the current need and timeframe and where warranted amending contracts of current customers.
- If you have an ACH payment that cannot be made before an approved amendment is in place we ask that you contact us immediately and continue to process the loan amendment/modification as mentioned above.
- We have supported the transportation and trucking industries for over two decades working through many crisis’s. We plan to work through this latest disruption as well. We ask that you support your industries, your employees as well and do everything possible to assist each other during this extreme time. We will do our part and this too shall pass.
- We are keeping an eye on the following: https://coronavirus.jhu.edu/ and looking towards nations that are in the latter stages of this crisis to take some direction on how the spread has slowed or stopped and how they begin opening their economies to new business. As we move forward we will keep an eye on any new developments and advise accordingly. We are also following Matt Daus at [email protected] or (212) 237-1106. He has been sharing daily updates as they relate to the transportation industry and has thoughtful and relevant information. Email Matt to be included in the daily email.
We are keeping you in our thoughts and prayers daily and know that US small businesses like you are the backbone of this nation and will continue to be long after this has passed. We will work together to find solutions and support each other during this time until we are prosperous once again.
Best Regards,
Don Coolbaugh – President
Phone (646) 372-7973 | Fax (516) 977-9198
