As the economic bailout continues to make its way through the U.S. economy, banks are “banking” on small business to give out the new loans. The only problem is banks are having difficulty finding borrowers. Part of the reason is many small business owners are feeling the bite of the slow economy and have cut back their borrowing needs. SBA loans dropped 30% this year as banks scramble to find creditworthy customers.
Creditworthiness is an important part of the issue when a small business owner considers a loan as a way to finance growth. Small business owners that already have loan or credit lines with banks (and they more than likely have been cut back) should keep an eye on their budgets so that loan payments can be made in the future. If you are a small business owner looking for a loan, lookout in your e-mail/mail box for deals from banks banking on you.
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