With the latest federal government shutdown preparing to enter its fourth week, government employees aren’t the only ones feeling the effects. The Small Business Administration (SBA) is among the federal agencies impacted, delivering a significant blow to the American small business community. It’s projected that the current backlog of business loan applications could take weeks or even months to clear, leaving small business owners who were counting on those funds to grow or maintain their business in limbo.
“The effects of this shutdown on American small businesses is absolutely devastating,” says StreetShares CEO Mark L. Rockefeller. “The SBA does incredible work for the small business community, not only through their loan programs but through their education, assistance, and resources. To see all of that get shut down is heartbreaking.”
This is where alternative lending companies such as StreetShares come in.
“SBA loans are one of the best options for small business owners, and I will always encourage entrepreneurs to pursue them if possible,” Rockefeller continues. “However, sometimes business owners need alternative solutions in cases like this. This is where our Patriot Express® Line of Credit product really excels.”
The StreetShares Patriot Express® Line of Credit is a flexible small business funding option for amounts from $5,000 to $250,000. Business owners draw funds only when they need them, and only pay interest on the funds actually used. Lines of credit are a great option for times such as a government shutdown, when business owners need “bridge” money to keep business operations going while waiting for another loan to come through.
Rockefeller encourages business owners to give StreetShares a call if they’ve been affected by the SBA shutdown and need help figuring out their next steps.
“We all certainly hope that the shutdown ends quickly and the SBA can get back to providing all the great things they do for our small business community,” he says. “But in the meantime, our team is doing everything they can to help these entrepreneurs out. A government shutdown doesn’t mean we have to shut down the American dream.”
This communication is provided for informational purposes only. It is not intended to be an advertisement, a solicitation, or constitute professional advice, including legal, financial, or tax advice, nor is StreetShares providing advice on any particular situation. This is not an offer of credit. All applications are subject to approval, no guarantee of funding.