The Small Business Lending Fund appears to have gathered steam at the end of 2011.
The first step in boosting your chances of obtaining a small business loan is to look in the right places.
While the lending marketplace continues to improve, large banks remain tepid in their allocation of small business loans.
Once upon a time, the U.S. Small Business Administration made direct loans to socially and economically disadvantaged small-business persons. SBA’s direct lending programs also targeted disabled veterans and others that politicians said deserved preferential treatment. What’s more, the agency required applicants to get turned down by two banks as a prerequisite to applying for its loans. The agency’s paperwork was … Read More
When the recession hit it didn’t take long for small business owners and entrepreneurs to feel the impact to the U.S. credit market.
Businesses appear to have borrowed more in February to finance new equipment.
Banks have allocated some $180 billion in business lending over the past 18 months, according to a report released this week by the American Bankers Association. These same banks helped to finance more than 20 million small businesses in 2011, many of which were distributed through lending marketplaces such as Boefly. The Federal Deposit Insurance Corporation recently reported that overall … Read More
After being defeated, Vince Lombardi, the legendary football coach said that his Green Bay Packers didn’t lose the game, “we just ran out of time.” Similarly, business owners are worried they will run out of time to refinance their balloon mortgages coming due. So if you own your office building, warehouse, restaurant, small hotel or franchise, you need to know … Read More
High-growth small businesses are better prepared for adverse or unstable market conditions.
“Plastics!” That is the industry Dustin Hoffman’s character was famously told to pursue in The Graduate, a 1967 blockbuster movie. It featured a recent college grad trying to find his footing in a materialist world. Ann Bancroft who played “Mrs. Robinson,” a sexy seductress, distracted him.