WICHITA FALLS, TX (TNN) - Right now, the Small Business Administration – which provides those federal loans – has ceased its operations due to the government shutdown. Small business owners in Texoma may not be able to get loans from the SBA, but they can still get commercial loans.
The Chief Lending Officer and Executive Vice President of Texoma Community Credit Union Ken Thomason said in a statement to News Channel 6: “It is my understanding there are not a lot of SBA loans funded from this area and it is unknown just how many SBA loan requests there are...All of the larger financial institutions in Wichita Falls do have commercial lending departments, and all of those do decision commercial loan requests locally...”.
Regional Director of MSU’s SBDC Vanda Culler said there is still no guarantee of smooth sailing for small business owners during this shutdown.
“Of course, it's always concerning if our government is in a shutdown because there's such a ripple effect,” she said.
While small business owners’ ability to get a loan may not take a huge hit, local contractors may still feel the ripple effects, because the shutdown prevents federal agencies from entering into any new contracts.
When the country faced a government shutdown in 2013, small businesses contracting with the Department of Defense dropped by one third.
Culler feels that aspect is something that could impact the Texoma area the most.
“…Contracts out at Sheppard or Altus Air Force Base or Fort Sill…that can bid out these jobs to local businesses. I really feel like our area will probably see the most impact when it comes to procurement – doing business with the government.”
Sheppard Air Force Base is fully funded for 2019, so anything in place before the shutdown will remain. But, with those new federal contracts on hold, Culler says her office has not seen new bids being put out within the last month or so.