William Isaac in Quartz on Community Banks Providing Loans in Today’s CrisisApril 1, 2020 - Articles
William Isaac spoke to Quartz on community banks providing loans to small businesses during today’s crisis. Part of the $2 trillion Cares act was providing small business loans; the Small Business Administrations will guarantee low-interest bank loans up to $10 million. While community banks provide a significant portion of business loans in the US, Mr. Isaac points out that they can get “lost in the shuffle” and that many smaller lenders already have small business loans that are not backed by the SBA.
From the article: “Isaac, who is now co-chairman of the Isaac | Milstein Group, said he would be wary of relying on newer lenders that haven’t been tested by a recession. ‘They don’t have a long track record,’ he said.”
Read the full article here: https://qz.com/1830009/sba-coronavirus-loans-to-help-local-businesses-survive-pandemic/