Author: Steve Meredith, Manager, Business Finance.
On several occasions throughout the year, I will have a
promising opportunity come across my desk, only to fall apart because the
timeline for my organization’s economic development loans does not fit with
what the client needs. While I can certainly understand the need to be flexible
and work with clients, their sellers, and other financial institutions, there
are a few aspects of economic development lending that can delay closing on
publicly funded loans. This results in a tricky “dance,” in which
economic development lenders, their borrowers, sellers, and often private
lending institutions must participate to ensure the best interest rates and
terms for small business clients.
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