two-year program set up by Congress to help small businesses refinance their mortgages is already five months old, but business owners are still waiting for the SBA to release rules on how it will work.
A new federal loan program signed into law five months ago to help small businesses refinance the mortgages on their buildings could help save thousands of firms.
If only the program could get started.
Businesses can't apply for the loans or even determine if they qualify for them until the Small Business Administration releases rules for the program. The wait is not only problematic for stressed businesses, it's also eating up time.
As passed by Congress, the program runs for two years — beginning when the law was signed.
"We have less and less time to actually be able to use the program the longer the SBA takes to get the rules out," said Kurt Chilcott, president of CDC Small Business Finance, a nonprofit lender. "And what that means is there will be a limited number of small businesses that will be able to access the program."
The SBA, which provides loan guarantees and other help for small businesses, won't comment on why it's taking so long to develop regulations for the program. But spokeswoman Hayley Meadvin said officials always expected to release them some time this month.
"We're still on track to meet that goal," Meadvin said.
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