Sometimes, bigger is not better....
As the credit crunch continues to hamper small business growth, a few alternatives are appearing. The big boys have some competition, and unless they start stepping up to the plate and loaning money out, they will lose their footing-especially on the local level.
The smart folks over at the Wharton Small Business Development Center in Philadelphia said this on a recent article at OPEN Forum By American Express;"Small-business lending, including Small Business Administration loan programs, are an important business to community banks -- defined generally as those with less than $10 billion in assets. These lenders make one in five small-business loans, according to the Independent Community Bankers of America. More than half of small-business loans under $100,000 come from community banks, says the group, which also points out that nearly half of small businesses get their financing from smaller banks."
Read more about going to a community bank for your small business loans, here.
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Posted by: Small Business Loans | December 09, 2009 at 08:14 AM
Businessloans,
Thank you for stopping by! I hope you subscribed, and I like your take on things.
The Franchise King
Joel Libava
Posted by: The Franchise King | November 09, 2009 at 05:32 PM
Great posting,As the credit crunch continues to hamper small business growth, a few alternatives are appearing. The big boys have some competition, and unless they start stepping up to the plate and loaning money out, they will lose their footing-especially on the local level.Thanks for the greatreading,business loans.I will pass this on to our Ira clients to read.
Posted by: businessloans | November 09, 2009 at 04:20 PM
True that the credit markets have been sluggish, and alternative credit sources are can be truly helpful during such times. At the same time it seems that with the U.S. House of Representatives voting to increase federal loan programs to small businesses in trying to ease access to financing, things should improve in the near future, as far as the mainstream credit sources are concerned.
Posted by: HelloTrade | October 30, 2009 at 02:43 AM
Joel, our customers continue to see limited capital flow from banks and so far government initiatives don't seem to have allowed the credit markets to open up. As a result, in addition to alternatives you mention, independent finance companies are getting creative to satisfy capital demands of the small business owner.
That is one of the greatest things about a market-driven economy, as long as there is demand, there will be a business to fill that need.
Posted by: David Criswell | October 27, 2009 at 12:46 PM