Finding Small Business Loans When Banks Won't Lend
Since a $700 billion bailout was approved and almost half of it has been dispersed among the banking industry, small business owners have yet to see any of this money in the form of loans. Despite warnings from congressional leaders, and even President Bush, to not horde cash and begin loaning again, the banks seem to be reluctant to do so. In this CNNMoney.com story, titled 'Message to Obama: Send Loans Fast,' the author suggests President-elect Obama should do exactly what he promised to do during the campaign, which is: 'start cutting loan checks directly from the government.'
In October, Obama proposed temporarily suspending the fees the Small Business Administration charges for participation in its flagship loan-guarantee programs, which insure banks against losses on a portion of the money they lend to qualifying small businesses. But he also suggested making direct loans available through the SBA's Disaster Loan Program, which traditionally assists natural-disaster victims.
Well, until President-elect Obama takes office, it seems unlikely a President with less than 10 weeks left in office will be able to accomplish anything in a Democratic Congress. We've written before about Small Business Help, Resources, and Loans, but if you aren't having any luck and have been maxing out your credit cards, check out this article titled '5 Alternatives to Borrowing from Banks.' Sincerely, Kevin MerchantCircle Community Relations
Labels: $700 Billion Bailout, CNN Money, loans, Merchant Circle, MerchantCircle, MerchantCircle.com, sba, Small Business
posted by
MerchantCircle Staff
at
11/17/2008 02:48:00 PM
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2 Comments:
Its a good idea to lend money from the bank for the Business. Banks lend money at a lower interst rates, Flexible at the time of the repayment.
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john
http://www.widecircles.com
Greedy Banker Pigs!!
I have websites and a cleaning business that a small loan would actually benefit. This is just pathetic.
Arizona Cleaning Services Would benefit greatly, they need a demo van, equipment, uniforms, advertising, bumper stickers, print ads, and additional vans for service calls.
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