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Don't bank on the SBA for your loans right now

Jared Bilski
by Jared Bilski
November 12, 2008
  • Banking
  • Credit and Collections
1 minute read
  • SHARE ON

Can’t get a loan? No worries. At least the Small Business Administration is there to help … isn’t it?

Probably not. In recent months, more and more companies’ lending requests are being shot down by the SBA.

For Oct., overall SBA loan volumes were down 50% from Oct. 2007.

And this trend is expected to continue for a while. Critics feel the giant Congress bailout package will take even longer to trickle down to small businesses and provide relief.

The reasons for the decline are plenty: lower demand, increased lending standards and declining credit status of applicants. Lenders are also scaling back loans because of losses in their SBA portfolio and fear of a decrease in collateral value.

And most recently, lenders and banks have been unable to sell SBA-backed loans to other businesses on the secondary market.

So if you were counting on the SBA for funding, now may be the time to explore less-traditional loan options, including, private lenders, credit unions, microlenders and factoring.

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CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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