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Economy and Business


The shutdown slows, but doesn't stop, business and home loans
Those already in th epipeline have the best chance of getting through
by WKSU's JEFF ST. CLAIR


Reporter / Host
Jeff St. Clair
 
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In The Region:

The impact of the government shutdown has touched nearly all federal agencies, from national parks to NASA.  But WKSU’s Jeff St.Clair reports the pipeline of government-backed loans is slowing, but not stopped.

LISTEN: Government-backed loans on hold

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Two-thirds of the federal Small Business Adminstration’s staff is on furlough this week.  Emergency business loans are still available, if say, a hurricane hits, and existing loans are still being handled by the agency.

But new business loans are on hold.  And in Cleveland, Key Bank’s Business Banking Executive Tim Gretkierewicz says it’s hurting companies who were counting on the cash flow.

“The delay is having a financial impact on anybody who’s in this process, and it will all depend on how long the furlough lasts to say how big that financial impact will be.”

Business loans aren’t the only ones slowed by the shutdown.  Ninety-percent of new home loans are underwritten, insured or owned by the government.

Home loan processing has slowed but not stopped because Fannie Mae and Freddie Mac are funded by fees charged to lenders.  FHA home loans are not tied to the current budget standoff and are still going through.
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