Small-Business Loan Process Starts Up Again, 100,000 Applications Processed, But Still a ‘Rocky Start’
Reuters Quote: “The relaunch of a government relief program for small firms got off to a rocky start Monday, with lenders reporting being shut out of the overwhelmed U.S. Small Business Administration’s system amid a flood of loan applications and concerns about when struggling companies will get the funding they need.“
The SBA said that “unprecedented demand” was slowing down its loan-processing platform, and that there were double the number of users accessing the system compared with any day during the initial round of funding that ended April 16.
SBA supplied update at 3:30
100,000 | Number of applications processed
4,000 | Number of lenders that had participated
Rob Nichols, president and chief executive officer of the American Bankers Association, said in a tweet that his member banks across the country “are deeply frustrated at their inability to access” SBA’s system. He said the association has “raised these issues at the highest levels,” and until they are resolved, banks “will not be able help more struggling small businesses.”
Read story at Bloomberg.com: Gears Jammed Again During Relaunch of Small-Business Relief Program