With SBA's website making it impossible to process a loan, businesses can't move forward with getting the money they need to open or keep businesses running.
A message on the website states: Due to the lapse in government funding, only websites supporting excepted functions will be available unless otherwise funded.
Eleven Bangor Savings Bank clients are currently waiting for the shutdown to be over so they can get their business loans approved.
"Right now it's more of a nuisance than anything that's impeding business," said John Edwards with Bangor Savings Bank.
For the people who absolutely have to have these loans go through now, the bank has set them up with the Fiance Authority of Maine.
But that is a more expensive alternative.
The chief banking officer said it's better to get the paperwork done now so as soon as the shutdown is over, they can get the loan through immediately.
"I would encourage them to move ahead. We can take the application right up to the point of closing and as soon as the SBA office is open once again, those loans will close," Edwards said.
A nonprofit called SCORE is also trying to help out entrepreneurs but it has to do it without an office because of the shutdown.
"People come to our office, have to read a sign that says you're closed and then whether they're going to make it to the new location so if it continues, its going to be expensive and its going to be a real inconvenience for our business clients," SCORE volunteer Nancy Strojny said.
SCORE mentors people trying to become entrepeneurs. Their volunteers work on a $10,000 budget a year.
Strojny said every dollar counts and she hates wasting it on renting a space. But since their federally funded doors are locked, she doesn't have an option and without their loans, neither do the people she mentors.
"It's a tough time. People have a hard enough time making a living without having to deal with the fact that they can't get their loans processed or get on the path they need to go," Strojny said.
Read more: http://www.wmtw.com/news/money/maine-small-businesses-feeling-affect-of-government-shutdown/-/8791814/22395378/-/e68g46z/-/index.html#ixzz2heyn3zEV
A message on the website states: Due to the lapse in government funding, only websites supporting excepted functions will be available unless otherwise funded.
Eleven Bangor Savings Bank clients are currently waiting for the shutdown to be over so they can get their business loans approved.
"Right now it's more of a nuisance than anything that's impeding business," said John Edwards with Bangor Savings Bank.
For the people who absolutely have to have these loans go through now, the bank has set them up with the Fiance Authority of Maine.
But that is a more expensive alternative.
The chief banking officer said it's better to get the paperwork done now so as soon as the shutdown is over, they can get the loan through immediately.
"I would encourage them to move ahead. We can take the application right up to the point of closing and as soon as the SBA office is open once again, those loans will close," Edwards said.
A nonprofit called SCORE is also trying to help out entrepreneurs but it has to do it without an office because of the shutdown.
"People come to our office, have to read a sign that says you're closed and then whether they're going to make it to the new location so if it continues, its going to be expensive and its going to be a real inconvenience for our business clients," SCORE volunteer Nancy Strojny said.
SCORE mentors people trying to become entrepeneurs. Their volunteers work on a $10,000 budget a year.
Strojny said every dollar counts and she hates wasting it on renting a space. But since their federally funded doors are locked, she doesn't have an option and without their loans, neither do the people she mentors.
"It's a tough time. People have a hard enough time making a living without having to deal with the fact that they can't get their loans processed or get on the path they need to go," Strojny said.
Read more: http://www.wmtw.com/news/money/maine-small-businesses-feeling-affect-of-government-shutdown/-/8791814/22395378/-/e68g46z/-/index.html#ixzz2heyn3zEV
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