PPP Provider Blueacorn Got 'F' Rating From the Better Business Bureau
Is Blueacorn legit for PPP loans? Not according to the customers that have given the company one-star reviews on the Trustpilot and BBB websites.
April 27 2021, Published 10:08 a.m. ET
Blueacorn bills itself as “the simplest way to apply for PPP funding,” but is it actually a legit way of getting a Paycheck Protection Program loan?
Well, Blueacorn had an “F” rating from the Better Business Bureau (BBB) and a “Poor” rating on Trustpilot as of April 26. Also, customers have left scathing reviews.
Instead, the FAQ answer reads, “We have partnered with a certified [Small Business Administration] Lender who continues to facilitate all PPP loans directly with the SBA and Federal Reserve. To date and in partnership with our lender, Blueacorn has successfully facilitated tens of thousands of SBA-approved loans so rest assured people are getting the funds they deserve.”
But it sounds like some customers might beg to differ.
Blueacorn artwork
The BBB said Blueacorn didn’t respond to complaints.
The BBB lists its reasons for giving Blueacorn “F” rating. The BBB cited a “failure to respond to 4 complaint(s) filed against business, 15 complaint(s) filed against business, [and] length of time business has been operating.” According to the BBB, Blueacorn has only been in business for one year.
As of April 26, the 25 customer reviews of Blueacorn on the BBB website—which, by the way, aren't factored into the BBB rating—averaged out to 1.28 out of 5 stars.
“I would give 0 stars if I could!” one person wrote in a review on April 20. “My loan was funded by the SBA on April 3, 2021, and I still have not received my loan funds. I have been evicted from my building for this reason. They don’t have customer service and the chat agents are useless! I’m going to file a complaint with the SBA. … I regret wholeheartedly ever using this company!”
The following day, another person wrote, “It’s been a horrendous process. I wouldn’t recommend this company to my worst enemy. They really should be investigated. To be so careless with people’s sensitive information is the worst part.”
More than two-thirds of Blueacorn reviewers on Trustpilot rated the company “bad.”
As of April 26, 68 percent of Trustpilot user reviews of Blueacorn rated the company as “bad,” which is the lowest rating possible on the website.
“This place is an absolute scam,” one reviewer wrote on the site in all caps that day. “If you run [a] business, steer clear.”
The previous day, another reviewer wrote, “Applied March 21, approved March 26, funded April 6, but coincidentally Chime rejected my loan and said it was returned to [the] lender. I look up my loan number on the [Capital Access Financial System] SBA site, and it says my loan has already been disbursed to me. I have nothing. Nada, zero, zip, zilch, no funds whatsoever. However, I am responsible for paying back a loan I never received. I don’t think so. Forget this. I’m taking it to the SBA.”
Speaking of the SBA, the administration offers a Lender Match service to connect potential PPP loan recipients to SBA-backed funding. Just make sure to research any lender that offers you a loan and to read the fine print before you sign on the dotted line!