How to Get an SBA Loan Approved Before the Looming Government Shutdown


Originally published in Entrepreneur

By Mark Abell

Year-end is approaching, which means it’s time for businesses to start worrying about the prospect of another government shutdown. Sadly, it seems like this has become a perennial pain, reflecting worsening political dysfunction and animosity.

Small businesses across the country are only just recovering from the record five-week government shutdown that began in December 2018. The Small Business Administration, which guarantees loans worth $28 billion a year, has to freeze all loan applications during a shutdown, throwing many businesses’ plans into disarray.

The impact of the shutdown reverberated for much longer than the five weeks because it upended people’s plans to invest in new projects, forcing businesses back to the drawing board. And unlike federal workers who received back pay for their downtime, small business owners and workers don’t get a cent in compensation for their losses.

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Mark Abell is Senior Vice President and SBA Division Director at NBH Bank.