To help small business firms address their difficulties in obtaining credit, the Federal Deposit Insurance Corp. (FDIC) 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. Let your members know about this excellent opportunity for them to weigh in directly with the FDIC to discuss any business constraints they are facing due to the scarcity of credit for housing.
Members can call 866-924-NAHB (866-924-6242), which will patch them through to the FDIC's hotline, where they 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.
They can also provide more details by accessing the dedicated FDIC website at www.fdic.gov/smallbusiness 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.
NAHB Chairman Bob Nielsen sent a letter to all NAHB members this week alerting them to this great opportunity to help expand regulators' awareness of the extent of the credit crunch for small home builders. 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 member participation is vital to raise greater awareness of the AD&C credit problems builders are facing and to find constructive solutions that will restore the flow of credit to our industry. Please urge any of your members who are experiencing credit problems to contact the FDIC today!