Mar 16, 2020
The social distancing efforts being used to combat the CoronaVirus has left Small Business Owners in a very tough situation.
There are 2 major SBA initiatives happening:
1. $7 billion in disaster relief loans has been passed and signed by the President
2. A $50 billion SBA package to increase and stimulate 7(a) lending is being worked on to further assist.
My advice for SBA lenders during this unprecedented time:
- make sure small business owners are educated on any MCA loans they may be considering
- ask the right questions and do the right analysis for loans that are in closing to make sure you avoid an early default situation
- expect 2020 to be a down year for many small businesses
For more info regarding SBA disaster recovery loans you can call 1-800-659-2955 or email disastercustomerservice@sba.gov.
The content of this podcast is my own and doesn't necessarily reflect the views of my employer.