Struggling Small Businesses Seek Out Microloans
Big banks may have gotten the bailout, but they didn’t turn around and offer that money to small businesses. To get cash today for their pressing needs they were often asked to put up major collateral, which defeated the purpose of getting the loan in the first place. In fact, many big banks were so shocked by their balance sheets they tightened their requirements for lending making it nearly impossible for struggling business owners to qualify. Even businesses that were being targeted for growth, like green companies, were having difficulty getting needed credit despite the American Recovery and Reinvestment Act that had earmarked monies for these industries. When it became obvious that big banks were not loosening lending to small businesses, the Small Business Administration (SBA) set up a microloan program to address this problem to be administered by banks of their choosing.
Business Ideas, EconomySeptember 06, 2010
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