$100 Million a Day in SBA Funding Stalled Due to Shutdown
October 9, 2013
By Bob Coleman
Editor, Coleman Report
We spoke with NADCO’s Executive Director, Beth Solomon, at the Franchise Lending Spotlight Conference in Atlanta about how SBA lending has stalled during the federal government shutdown.
Bob Coleman: We are with Beth Solomon, the Executive Director of NADCO at the Franchise Lending Spotlight Conference in Atlanta. Beth, what is this government shutdown doing to 504 lending?
Beth Solomon: It’s quite damaging. Capital has stopped. Over $100 million a day in SBA loans are not getting to small businesses so Congress needs to get back to work and open up.
Bob Coleman: That is a lot of jobs.
Beth Solomon: That is a lot of jobs. And it is a lot of people not getting money on Main Street. We need to call Congress and put the pressure on them.
Bob Coleman: This isn’t political, but we need an adult in the room to solve the situation.
Beth Solomon: You said the SBA is the adult in the room but they cannot do their job because they are all furloughed.
Bob Coleman: We are talking about the Georgia pledge to Veterans, what does NADCO have to do with that.
Beth Solomon: Well Bob you’ve heard of the Vet Loan Advantage Program, this is where SBA certified development companies are all offering incentives to verterans to help them access the capital they need to become entrepreneurs. The IFA has a great program called Vet Fran and franchise brands offer their own discounts. We are matching up the verterans with the brands offering the discounts and the financing they need at a discounted rate to help more veterans become more business owners. It is launching right here at the Franchise spotlight and then we’ll take it nationwide.
Bob Coleman: Another excellent program that NADCO is involved with to help Main Street, Beth thank you very much.
Beth Solomon: Thank you so much Bob.