SBA Borrowers Share Frustrations Over Access to Credit During Shutdown

The House Small Business Committee heard from Small Business Administration borrowers who testified at a hearing last week; they discussed having to tap credit lines to pay staff, increasing cost of borrowing and the effects of having to wait to lock in financing; the shutdown resulted in a significant backlog both in applications and servicing requests; it is estimated that 300 SBA loans were delayed every day the agency was closed; some lenders are encouraging lawmakers to see how the SBA might remain open if another shutdown occurs. Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]