It’s real simple. PPP I went to big bad private equity guys. Maxine Waters and AOC didn’t like that. PPP 2 enlisted Credit Unions and CDFI (CRSS is a CDFI) to get $$$ into LMI (Low to Moderate Income Communities) communities, and to real “small biz”
CRSS teamed with a tech company Blue Acorn to process applications. Treasury gave CDFI a headstart.
Per the above report CRSS, via their sub Capital Plus Financial, has originated 360K loans through 4/11/2021
Using Exhibit II that will generate $2,500 * 360K = 900 million dollars in fees. Assume they keep 2/3, that means 600m in fees, oh and they have a $100 m NOL.
6m shares out. 600/6 = $100/shares + $20 for business = $120/share + ?
I think SBA is very happy because Capital Plus financial has the smallest average loan and likely the highest LMI penetration. F**** U JPM, and BAC
BTW there is still 60 days left in the PPP program.
BTW Insiders own 80% of the shares outstanding
BTW I own a lot of what’s left.
BTW I still think there core biz is worth $20 a share today and $50 in a few years
BTW. They are about to close on a bank deal
BTW Even though the stock was $10 buck on Monday and $40 today, it still a 3-5X from here.
BTW My wife asked if we could get the EPIC Season Passes for next year, and she said they were expensive. I said lets get them! :)
What am I missing?
I do not hold a position with the issuer such as employment, directorship, or consultancy. I and/or others I advise do not hold a material investment in the issuer's securities.