HCDC’s Lending Office is open for business despite the federal government shutdown. We will continue to process SBA 504 loans. That means we will continue to accept and process new applications, secure internal committee approval, package loans for government submittal, close approve projects, and service funded loans.
If a government shutdown extends into the unforeseen future, loans under government review might be delayed. We will continue to coordinate with all parties to minimize inconveniences and any delays.
The SBA 504 October loan funding should occur as scheduled. The SBA Loan Servicing Centers are operating under a contingency plan that includes essential services.
Furthermore, HCDC has a diversified loan portfolio for business borrowers including a non-federal loan program, the Ohio 166 Regional Loan Program. In addition, HCDC recently rolled out the new SBA Intermediary Lending Program (SBA-ILP) for small businesses that can be processed in house, independent of the SBA.
HCDC is monitoring this situation closely. We are committed to both our banking partners and borrowers and will continue to provide quality service with our doors wide open.