NAHB sets up FDIC Hotline
NAHB sets up FDIC Hotline
NAHB has created a new tool that will allow our members to contact the Federal Deposit Insurance Corp. (FDIC) that may help address your difficulties in obtaining financing for your business.
The acquisition, development and construction (AD&C) credit crisis continues to jeopardize the livelihoods of countless home builders and threatens to derail the fragile housing recovery now under way. Alleviating a crippling drought of AD&C lending remains our top priority.
After hosting a recent symposium to examine the credit problems that small businesses are facing, the FDIC has moved to create a hotline and website that allows small business owners to make inquiries with FDIC officials or to register their specific issues or problems they may have concerning credit availability.
The bulk of our membership is comprised of small businesses. This is your chance to weigh in directly with the FDIC to discuss any business constraints you are facing due to the scarcity of credit for housing. 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 their website.
Calling 866-924-NAHB (866-924-6242) will patch you through to the FDIC’s hotline, where you can discuss your specific situation if you choose not to fill out a business assistance form on the FDIC website. Be aware that you will be talking to a live FDIC representative, so have your information at hand. The hotline is operational Monday through Friday, 8 a.m. to 8 p.m., Eastern Standard Time.
To provide more details, the FDIC has created a dedicated website for small businesses at www.fdic.gov/smallbusiness. Go to the website and then click on the Business Assistance Form at the bottom of the page. This will allow you to fill in information and provide details about lending or credit problems you are having with a specific bank or financial institution. It is our hope that the FDIC will follow through and respond to any inquiries it receives.
NAHB is launching new initiatives to combat the AD&C credit crisis and a strong member response to the FDIC hotline will help raise greater awareness of the AD&C credit problems builders are facing and support our efforts to find constructive solutions that will restore the flow of credit to our industry. So once again, I urge you to contact the FDIC today! It is absolutely essential if we are to keep our fellow builders on the job and help our industry rebound from the worst downturn in decades.