Government shutdown impacts local banks

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CLEAR LAKE, Iowa – Many are wondering how the government shutdown will affect federally regulated loans.

Government guaranteed loans for small businesses, the veterans administrations and rural development are temporarily at a standstill.

People will not be able to apply for new loans and even those already in the process will not be able to go through if they have not been approved.

President and CEO of Clear Lake Bank and Trust, Mark Hewitt says not only the banks clients will are being impacted.

He said, “In our particular instance, we very active in using SBA programs, so this probably stops a pretty good percentage of the activity we’re working on right now until we have some resolution.”

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