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Government Shutdown Effect on SBA Loans

October 2, 2013
As you are no doubt aware, we are in the midst of a partial federal government shutdown. CMDC is still accepting and processing loans; however, the shutdown will have an immediate impact on loan applications and processing. The offices of the SBA are one of the government functions that have been temporarily closed until the government reaches a funding solution.

Government Shutdown 2013 Effect on SBA LoansIf you are a business owner or bank lending partner with an application or servicing action in process that was not approved by SBA prior to September 30, the application or action will be on hold until the budget negotiations are complete and the government shutdown ends.

CMDC staff are available and will continue to accept and process loan applications as normal in anticipation that the government shutdown will be a short term situation. CMDC will continue to monitor what is happening in Washington and will provide updates to you as warranted. Although the matter is out of our hands, we do sincerely apologize to those who this may adversely affect.

We look forward to continuing to work with you on creating jobs and strengthening our economy.

If you have any questions regarding your loan or SBA loans in general, please contact our loan officers at 763.784.3337.