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Berkshire Bank VP Urges Small Businesses to Prepare for Delays as SBA Processing Slows
Summary
At the Tolland County Chamber annual meeting, Chad Steer of Berkshire Bank urged businesses to prepare loan applications early and keep lines of credit open as SBA processing slows during a federal shutdown; preferred lenders can advance some loans but new closings may be delayed.
Chad Steer, vice president for business development at Berkshire Bank, told members of the Tolland County Chamber of Commerce that the Small Business Administration (SBA) remains operational in some respects but that federal shutdown-related delays are affecting loan processing. “SBA program is shut down at the moment, but that doesn't mean that we're dealing with lending happening either in the conventional world or the SBA world,” Steer said during the chamber's 60th annual meeting.
Steer described how preferred lenders can…
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