|By PR Newswire||
|October 11, 2013 11:59 AM EDT||
NEW YORK, Oct. 11, 2013 /PRNewswire/ -- Due to the U.S. government shutdown, the efforts of small businesses nationwide to secure Small Business Administration (SBA) backed loans have been put on hold. As a result, World Business Lenders, a New York based small business lender, has initiated a new program in an effort to continue funding small businesses and to help fuel our economic recovery.
Even though it has only been in effect for eleven days, the government shutdown has frozen all SBA backed loans, impacting small businesses across the U.S. In its normal course of business, the SBA guarantees over $90 million in loans every business day. The government shutdown and SBA freeze has caused substantial problems for thousands of small businesses which were counting on their pending SBA loan to sustain, grow, or expand their businesses. The combination of the government shutdown and a lack of other financing options has resulted in hardship for small businesses nationwide.
World Business Lenders has launched a new product which is immediately available to all eligible small businesses with SBA applications. World Business Lenders' "Government Shutdown Loan" is a three to six month bridge loan. Qualified borrowers who submit a one-page application and six months of business bank statements can receive funding in as little as 48 hours. Doug Naidus, the Chief Executive Officer of World Business Lenders, stated, "Our goal is to help small business owners in the U.S. in every way possible. We expect substantial demand for our Government Shutdown Loan."
About World Business Lenders
Based in New York City, World Business Lenders (www.wbl.com) is a lender specializing in serving the small business community. The company was founded by a group of successful international entrepreneurs with extensive experience and background in financial markets. Its mission is to help the underserved small business sector and satisfy the growing need for small business capital.
SOURCE World Business Lenders