Shutdown Clenches Small Business Loans, Entrepreneurs - KTUL.com - Tulsa, Oklahoma - News, Weather & Sports

Shutdown Clenches Small Business Loans, Entrepreneurs

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Think about the small businesses you use, the neighborhood grocery store, a doctor or dentist. They could be suffering because of the government shutdown.

The Small Business Administration backs and guarantees loans to entrepreneurs. But not right now, during the shutdown.

At Tulsa's Regent Bank, it is almost business as usual. But if you are small business looking for a loan, you may be out of luck.

Regent Bank is one that handles loans, that are guaranteed by the Small Business Administration.

Right now. the SBA is not processing new applications for those loans, because federal workers are furloughed and not there to do the work.

Regent Bank has some clients who have done their applications,  which are not being processed or approved.

The loans are usually from 100 thousand to 5 million dollars. For some,  it's money to start up a business. For others,  it's money to refinance, grow or even sustain them during a tough time.

"We are watching them suffer, and lose opportunities and potentially go out of business while we are sitting here waiting on the government to not be shut down: No matter what side you are on, politically this is a bad thing for small business people," said Sean Kouplen, CEO of Regent Bank.

The shutdown also effects training and counseling provided for entrepreneurs from the SBA

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