04/07/11

How to Get Business Loans Post Government Shutdown

A potential government shutdown may be devastating to small businesses and the economy, but there are options for those looking for funding and business loans, despite little-to-no access to SBA-backed funding.

How to Get Business Loans Post Government Shutdown

Gridlock in Washington over the federal budget may shut down the government, affecting SBA loans.

The government may shut down Saturday because of failed federal budget talks. Entrepreneurs around the country may be sweating, wondering how this will directly affect their businesses if government agencies run out of funds.
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“This could be devastating for many small business owners, and in turn the economy,” said Brock Blake, Lendio CEO. “Many entrepreneurs depend heavily on small business loans backed and processed by the SBA,” said Brock Blake, Lendio CEO.

Here are the details of how things will change if the shutdown happens, according to the Small Business Administration:

If this does happen, things will be more difficult for those in need of funding. But there is still hope. Many options are still out there.

“There are many lenders looking to lend to the right businesses,” Blake said. “Many banks, credit unions, and other nice lenders will lend without worry of the SBA.”

The good news is, not all small business loans are tied to the federal government via the SBA program. There are many active lenders that can provide other loan options such as equipment loans, merchant cash advance loans, small business credit cards and micro loans.

Blake’s company, Lendio, is a good option for small businesses searching for the funds to help their business grow. This year, Lendio launched an online platform that matches business owners with the right loan types and lenders.

“In this time of uncertainty, it can be very difficult to sift through all the options out there that might meet your needs,” Blake said. “Lendio will help entrepreneurs find those options without the hassle – despite a government shutdown.”

About Lendio
Lendio makes small business loans simple by matching qualified small business owners with active banks, credit unions, and other lending sources. Through a proprietary matching technology, Lendio assists a business owner to identify the business loan category and specific lenders that offer the highest probability for that business owner to prepare for and secure a business loan approval. Lendio formerly operated as FundingUniverse.com. For more information, contact Lendio at press(at)lendio(dot)com.

Get more small business tips from Lendio.

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Comments

  1. Shut it down – replace all inefficient Federal Bureaucrats with efficient workers. Federal Government is the BIG problem with NO ACCOUNTABILITIES: Do we see any SEC workers in jail for the economic meltdown? Do we see any Fed workers in jail for the failure to detect the 9/11 attacks? Do we see any Medicare workers in jail for the hundreds of billions fraudulent claims? Do we………????????? Shut it down! I am tired of being bilked of my tax dollars.

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