Patrick Center October 3, 2013 | WGVU The Economic Development Foundation is a non-profit helping small businesses receive a blend of private and government loans. Sandy Bloem is executive director explaining how the government shutdown is impacting applications and approvals.
“At this point they’re not getting reviewed and then obviously not getting approved because nobody is looking at them there’s just a very few people working at the Small Business Administration right now.”
From the Grand Rapids office two businesses, and their loan applications, are put on hold.And for them and the local economy, the federal government shutdown has consequences.
“One of the goals of this loan program to the federal government is job creation and job retention…They need to know whether this financing will be in place so they can expand into maybe a larger space and they aren’t comfortable hiring anybody until they know whether things are moving forward with their purchase or not.”
Could those businesses turn to a traditional commercial loan? They could with a down payment of 20 to 25 percent compared with the government-backed 10 percent down.
“Growing businesses a lot of times are rolling their extra cash into payroll, buying extra inventory…So they may not have anything more than that 10 percent down payment to put into a larger purchase.”
So if Bloem’s office has two loan applications awaiting SBA action and another half dozen ready to go, multiply that by the 250 or so other Economic Development Foundation offices across the country and you get a sense for the number of jobs on the line.
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