“The time is always right to do what is right"- Martin Luther King Jr.
Happy Friday to all the loyal minngo peeps out there! While we try to stay neutral in our political views, the Government shutdown has had a big impact for many Americans. Whether they are a government employee, contractor, or small business owner dependent on government programs to kick-start their idea. I cam across an article related to the Shutdown that demonstrates how many of us are reliant on government programs to find ways to succeed. The Small Business Administration (SBA) offers a wide variety of loan programs designed for business owners that may struggle to get conventional bank financing.
SBA Loan Options
Crossing our fingers that the Shutdown will end soon, let's look at some loan programs as potential options for you in the near future. The current loan programs affected are the popular SB 7(a) and 504 loans that make commercial loans available to business owners for purchasing land, buildings, and even equipment. There are also loan programs to assist in startups and small balance loans. The closing of SBA's office during the shutdown is causing a backlog of loans that could delay closings once the government does reopen. From the Washington Post, approximately 300 loans per day have been disrupted!
As of this article, a representative from the National Association of Realtors said that commercial Realtor members have not yet reported deals falling through escrow as a result of the SBA shutdown, so let's keep the positivity high as we hope to see an end to the shutdown.
Until next time peeps!