Hurricane Harvey caused massive damage in many ways across the state, but it is also having a big impact on commercial loans in Texas. Due to an increase in applications for disaster loans, the Small Business Administration is looking for additional loan officers to assist in the temporary assignment.
The ABA Banking Journal reports that the Small Business Administration is the federal government’s primary source to help businesses, homeowners, renters, non-profit organizations and more to recover from disasters by assisting in processing disaster loans. With so many commercial loans in Texas being sought after, the Small Business Administration is offering temporary employment to experienced loan officers across the country to speed up the process.
Qualifying loan officers would need to take a leave of absence from their regular bank jobs to work a temporary assignment at the offices located in Fort Worth, Texas or Sacramento, California. Loan officers should be prepared to stay awhile, as the temporary assignment could last up to 130 days. But on the upside of things, all expenses will be covered including travel, lodging, meals, local transportation and all on top of a salary at current government rates.
The temporary assignment through the Small Business Administration will include the duties of loan officers to help review and recommend applications for commercial loans in Texas. Because of these duties, officers are expected to be experienced in lending and be extremely knowledgeable about all types of loans. Retired professionals are also eligible and encouraged to participate in the temporary assignment.
The Small Business Administration is helping commercial loans in Texas recover from the aftermath of Hurricane Harvey
The city of Houston and the surrounding areas took a devastating hit from Hurricane Harvey. The category 4 storm destroyed most of what was in its path. The storm set a record for most rainfall from a single storm. But the Small Business Association along with help from other local banks and other financial institutes are trying to help get the state of Texas back on its feet and as quickly as possible. The expansion of loan officers during this time will help businesses recover quicker and get back to doing their day to day business transactions. Many businesses will also see a decline in revenue due to not be able to operate for days or even weeks.
Commercial loans in Texas were already on the verge of trouble before Hurricane Harvey hit the state.
Well before Hurricane Harvey devastated parts of the state and brought record-breaking floods, commercial loans in Texas were already seeing issues. In fact, vacancy rates in some cities in Texas were the highest the state has seen since the year of 1994. With problems before Hurricane Harvey brewing and now the horrible aftermath from storm, it could take even more time for Texas to recover financially. But most financial institutes in the area are optimistic that the state will be able to recover rather quickly from the impact of Hurricane Harvey.
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
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Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
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About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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