The government shutdown — the thing that has commandeered news headlines for the past three weeks — finally came to an end last night after 16 frustrating days. Our elected officials in Congress have kicked the can far enough down the road that we can avoid widespread panic for the time being, but the damage has already been done.
According to some estimates, small business owners lost out on $100 million per day in SBA loans because of the shutdown. In reality, this number is a little high, but it makes the point: there are many business owners who are now in dire straits because their loans weren’t funded sometime in the past 16 days. Others will be forced to accept higher interest rates (an inevitable outcome of all this hoopla) after sitting on their hands watching the circus in our nation’s Capital.
Watch the short video below for more on what the shutdown really means for small business owners and small business lending…and my more realistic estimate of the SBA’s lost funding during the shutdown…
What are your thoughts in the wake of the government shutdown? Do you agree with me? Are there other ramifications I’ve left out? I can only cover so much in a three-minute video, so let me know what you’re seeing and thinking — leave a comment below or email me at ChrisHurn@MercantileCC.com. You can also connect and interact with us on Facebook, Twitter, and Instagram.
Thanks for reading, watching, commenting, and sharing!
P.S. Even though we weren’t able to get SBA approvals for our clients during the shutdown, we never stopped working on their behalf. There are lots of moving parts in the commercial financing process, so we didn’t have time to sit around twiddling our thumbs. If you or your clients are looking for a commercial lender who’ll work tirelessly on your behalf, call me at 1-866-622-4504 or email me at ChrisHurn@MercantileCC.com to find out how we can help.