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bankers frustrated with sba loans

Credit: WFFT
Published on April 9, 2020 -
bankers frustrated with sba loans
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bankers frustrated with sba loans

Those who have their own businesses are trying to keep them alive.the cares act by the federal government is set up to help those business owners..but has been filled with problems.fox 55's chris mullooly is live in fort wayne.

Chris... how would the cares act help??its 350 billion dollars in government backed loans.much of it to help those owners who've had their businesses stopped to due covid 19.the problem is how quickly the rollout came out... and bankers can't get any information into the system.

"we're building the airplane as its taking off "its been a rocky take off for the cares act...both bankers and business owners struggling to find the landing on the 377 billion dollars set aside for small businesses"they cant get into the system and its so frustrating"amber van til is president and ceo of the indiana bankers association... she says there were problems weeks before the s-b-a handled the loan applications"when congress implements a program that has to go live one week after passage you ancipate problems and there were many " the cares act would act as a grant if the money was used to pay salaries or payroll expenses...meant to speed up the recovery of small businesses...but the problem van til says was the resources available.:most prominent issue for banking on day one we had a very small number of banks who were able to access the system""they're taking a lot of applications without any guidance we need to make the calculations to know when its gonna be played out"van till says the good news is that more banks are able to get in to pull up application process.she says about 4000 lenders are on in indiana instead of 1000 last week... and she says businesses and consumers will need to be patient..

In the next few weeks."clearly this is a major undertaking the system is not support the staffing is not able to support" van til says they're hearing a new stimulus bill could pass..

Which would be up to 600 billion.she says it would 'opens up business owners to even more opportunity' reporting live ... chris mullooly... fox 55 news.

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