Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence.
FILE PHOTO: A parking lot is seen almost empty as local stores are seen shuttered due to the outbreak of the coronavirus disease in Matawan, New Jersey, U.S., April 1, 2020 REUTERS/Eduardo Munoz/File Photo
It also throws the nearly 67-year-old SBA into a higher profile role than ever before, one that some lenders worry it could struggle to fill.The rescue package amounts to a giant expansion of activity for the 3,300 people who work at SBA. The $349 billion in loans Treasury Secretary Steven Mnuchin is hoping to move quickly through that program is 12 times the $28.1 billion in loans the SBA approved in all of fiscal 2019.
It will be handling this record volume at a time when most government employees are encouraged to work from home, something just half of the SBA’s employees were eligible to do in 2017, the most recent year for which figures are available. Some of the country’s big banks, worried the program poses too much legal and financial risk, have threatened not to participate.
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