Is a Backlog of 700 SBA 7(a) Loan Applications Good News?
October 21, 2013
By Bob Coleman
Editor, Coleman Report
Is a Backlog of 700 SBA 7(a) Loan Applications Good News?
Yes it is! SBA employees are back from furlough and are committed to lenders and Main Street says SBA Acting Administrator Jeanne Hulit in a blog post.
She writes, “The federal government has re-opened and that means the U.S. Small Business Administration (SBA) can get back to helping America’s 28 million small businesses do what they do best: create jobs and help grow our economy.
“For small businesses, the shutdown also meant that SBA loan applications could not be approved and small businesses could not receive help exporting their goods to others countries. Many small businesses are still struggling with how to take care of their employees as they see projects postponed.
“While some things may take a little time to get back up and running, our Agency is committed to helping small businesses continue to be the economic engine of this economy and are working hard to resume normal operation of our programs:
SBA’s Office of Capital Access is once again getting capital into the hands of small business owners across the country, including resuming processing for roughly $140 million in loans to the approximately 700 small businesses that applied for 7(a) loans during the shutdown.
Our 68 district offices have re-opened and are ready to provide their full services.
Due to their funding schedules, many of SBA’s resource partners were able to continue operations during the shutdown and beginning today our entire resource partner network of over 14,000 counselors and business coaches is now able to resume operations.
“This is just a snapshot of the critical work that the SBA does in conjunction with our other federal, state and local partners to help small businesses start and grow across the country. We know that small businesses are the engine of our economy, and the SBA team is excited to get back to work serving America’s entrepreneurs.”