SBA is Up and Running

Although most of the SBA personnel were considered “non-essential” staff during the recent government shutdown and were forced to take a (taxpayer) paid vacation, anyone needing an SBA backed loan during that time would vehemently disagree that they are non-essential.

All SBA loan processing came to an abrupt halt, which meant any bank financed transactions were put on hold.  AND, that two week shutdown caused a much longer delay in processing these transactions. Two weeks off translates to a month or more of catch up.

It’s another reminder that time can kill deals. There are enough difficulties in getting deals completed without the government “assisting”! (Hopefully our Congress won’t hold things up again in January and February).

If you are involved in buying or selling a business, keep the target closing date in mind and focus on the multiple tasks that need to be completed for the closing. The SBA lenders have been very responsive to getting caught up and are very anxious to get new business on the books, so ask for their help to get your transaction completed.

Keep your Apex Business Advisor involved during the buy/sell process to ensure a smooth transition.