To help small businesses address their difficulties in obtaining credit, the Federal Deposit Insurance Corp. has announced the creation of a new hotline and website that enable small business owners — including builders — to register specific issues or problems they may be having with credit availability.
This is an excellent opportunity to weigh in directly with the FDIC to discuss any business constraints due to the scarcity of credit for housing.
Builders can call (866) 924-6242, which connect to the FDIC’s hotline, where builders can discuss their specific situation. Callers should be aware that they will be talking to a live FDIC representative, so they should have all relevant information at hand. Operating hours are 8 a.m. to 8 p.m., EST, Monday through Friday.
Builders can also provide more details by accessing the dedicated FDIC website and using the Business Assistance Form at the bottom of the page. This allows them to fill in information and provide details about lending or credit problems they are having with a specific bank or lending institution.
Any home builder, developer or associate who is unable to obtain financing, is having a hard time with an outstanding AD&C loan or feels that they have been treated unfairly by their lending institution should alert the FDIC either through the hotline or the FDIC website.
Strong builder participation is vital to raise greater awareness of the AD&C credit problems our industry is facing and to find constructive solutions that will restore the flow of credit. If you are experiencing credit problems, contact the FDIC today.Share