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Don’t Fall for the SBA Loan Corona Scammers

In Ironwood Insights by

“If something sounds too good to be true, it probably is too good to be true.” -U.S. Small Business Administration

As Coronavirus continues to shake up the world, we understand you may need to take measures to support your business.

Please be aware of the people trying to win off the businesses that are hurting.

Yes, the USA has promised to provide easier SBA loans to help back small businesses, but DO NOT fall for the scammers out there!

SBA doesn’t issue loans, they just guarantee them, so you will still be going to your bank to get the actual loan. Help from a third party will not help your chances of getting government contracts. You should NOT be paying upfront fees!

THIS IS A SCAM! Beware of emails and calls from third party offers when considering SBA loans for your business!

“Marilyn Landis, who in a 30-year career as a commercial lender worked for three of the largest SBA lenders in the country, noted that the SBA has faced budget cuts in recent years. ‘I am critical because I love my child, but the SBA is being asked to take care of a lot, without being given funding to do it, and not as many resources to do it well.'”

This will be the biggest test the SBA has ever faced and they just cannot help every business with the limited funds they have.

More than half of businesses are now anticipating a recession in the coming 12 months compared with just 14% in January. Thirty-eight percent say they are not confident in the financial future of their business compared with just 15% in January.

The congressional review of the SBA disaster loan history showed the average loan approval and disbursement was four weeks. That may be too long in this situation, and the SBA has not yet laid out rules for how loans will be evaluated and made in this scenario. {source}

Times are changing for everyone around the world as we dive deeper into the Coronavirus, which means things will change for your businesses as well. We are here to help you navigate these tough times!

Ironwood Has your back during this time.
Please do not hesitate to reach out if you have any questions.

Apply online here.


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