NADCO COVID-19 Response Overview

NADCO is closely monitoring the COVID-19 (coronavirus) pandemic. We are working with the U.S. Small Business Administration, and the U.S. Senate Committee on Small Business & Entrepreneurship and U.S. House Committee on Small Business leadership on a daily basis to improve disaster relief efforts not only for the small business borrowers but for the CDC and 504 industry as a whole. We are working towards changes in regulations to make it easier for CDCs to meet the needs of their borrowers while also pushing for legislation packages that will help small businesses and CDCs survive the economic toll of this world wide pandemic.

The overall economic impact of COVID-19 will be devastating to our communities and to the lending institutions. Many of you are already feeling the impact of loan deferments, the inability to close new loans and the constraints associated with quarantined populations. As NADCO works to get regulations adjusted and new legislation through Congress, you as the responders in the field, can help!

NADCO needs you and your team to:
  • Advocate for federal funding to assist 504 small business borrowers as well as relief for the CDCs supporting Small Business USA.
  • Continue to provide NADCO with feedback regarding the ongoing situation within your organization and communities.
  • Support each other during tough times. Be sure to communicate with your Regional Directors when you need help.
As mission-driven lenders, your commitment to the small businesses throughout the country has been tremendous. NADCO is here to help you continue with all your efforts throughout the nation.