Tags: small | business | livelihoods | shutdown | bank

Bank CEO: Small Business 'Livelihoods at Stake' in Shutdown

small business word cloud on a digital tablet with a cup of coffee
(Marek Uliasz/Dreamstime)

Thursday, 24 January 2019 03:13 PM EST

Small-business owners may have to rethink their plans as the longest-ever U.S. government shutdown blocks them from securing funding, according to the head of one of the biggest U.S. Small Business Administration lenders.

Huntington Bancshares Inc. Chief Executive Officer Steve Steinour said the SBA closure, part of the federal shutdown, is beginning to hinder businesses that rely on its federally backed financing.

“We’re actually going to have small business, very soon, impacted negatively because we can’t get an SBA loan,” Steinour said in an interview Thursday. “These are mom-and-pop businesses -- they’ve got their livelihoods at stake.”

Huntington, based in Columbus, Ohio, is offering its customers solutions, such as short-term bridge loans, but the remedies can’t replace the full financing package that comes with SBA loan approval, Steinour said.

The SBA issued about $700 million in bonds a month over the past year, but that’s completely stopped since the shutdown began. Without government funding, the SBA is closed, preventing small-business owners from getting funding from the administration.

© Copyright 2025 Bloomberg News. All rights reserved.


StreetTalk
Small-business owners may have to rethink their plans as the longest-ever U.S. government shutdown blocks them from securing funding, according to the head of one of the biggest U.S. Small Business Administration lenders.
small, business, livelihoods, shutdown, bank
167
2019-13-24
Thursday, 24 January 2019 03:13 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved