Update: SBA 504 and Government Shutdown
Effective Tuesday, October 1, 2013 the government has officially shutdown until a spending bill is resolved by Congress. This will have a temporary impact on SBA 504 lending. Here are a few key points on how this may affect SBA 504 clients:
- The SBA will not process new approvals of SBA 504 and 7a loans during the government shutdown
- Loans that have been submitted, but have not been approved by SBA, as of 11:59 p.m., Monday, September 30th will be placed in a queue (on hold) until the government resumes operations.
- Once the shutdown is over, these loans will be processed for approval.
- TMC Financing will remain fully operational during the government shutdown
- The length of time for this shutdown is currently unknown
TMC is committed to updating you as additional information becomes available. We are, as always, available to answer your questions and work with you and your clients.
If you have any questions or concerns, please do not hesitate to email TMC or call us, 415.989.8855.