Federal Shutdown Leaves Small Businesses Without SBA Loans
Unfortunately, we’re beginning to experience the effect of the federal government shutdown in a wide range of industries. As the shutdown drags on, small businesses are without the ability to acquire Small Business Administration (SBA) loans that were available to these businesses just weeks ago. As reported in the Puget Sound Business Journal, many Seattle-area business deals are currently on hold as their loan paperwork sits on empty desks at the SBA.
These SBA-backed loans are a significant source of financing for small businesses looking for money to grow their companies. Not only does this shutdown affect the small business borrowers and the jobs their creating, but it is also affects companies that specialize in arranging and advising on these SBA loans. Check out this Puget Sound Business Journal article that details a number of these companies that are suffering.
Fortunately, there are additional ways to raise capital for your small business. If you’re interested in learning more about how to raise capital and the different options available to your business, please don’t hesitate to contact us to schedule your free initial consultation.