As the partial shutdown of the federal government enters its fourth week, many have been asking how the shutdown affects OSDC operations.
First, OSDC is still open for business and is actively working on new loan requests! Although the SBA is not currently reviewing new applications, OSDC continues to review new loan requests and is preparing SBA applications for submission once the shutdown concludes.
In addition, already-approved SBA 504 loans are still able to close. SBA is not currently reviewing any requested modifications to existing Loan Authorizations. However, if no modifications to the Loan Authorization are needed then OSDC can still close your SBA 504 loan and submit it for funding.
And don’t forget, OSDC also offers fixed asset financing through the Ohio Regional 166 Loan Program. Like the SBA 504 program, the Ohio 166 also partners with a financial institution and can take a subordinate lien position while offering below market, fixed rate financing. Using this program, OSDC can often secure a lower interest rate with less fees for eligible borrowers.