SCORE Small Business Blog

Planning: Small Business Loans- Fact or Fiction
2 Comments

What You Need to Know About Financial Market Changes

There has been numerous articles written recently on the continuing challenges in accessing loans and capital for small business. Congress should be passing legislation soon that is supposed to assist the small business community in obtaining loans. I will wait to see what the final Act states before commenting, but my initial sense is that many of our SCORE clients will still not have access to capital.

There is also discussion within the SBA to eliminate the Community Express Loan program due to the higher default rates experienced. This would be tragic, since the participating lenders remain active and small business and start ups have taken advantage of this program. A more restrictive underwriting is warranted, but eliminating this lending program during a period when capital is restricted to our small business community is unthinkable.

A recent article written in Crains discusses the challenges many, if not most businesses are experiencing when trying to access traditional financial markets. The article focuses on the metro New York area, but the information provided is indicative of most of the U.S. You can access this well written investigative report at:

http://www.crainsnewyork.com/article/20100919/SMALLBIZ/309199981#

I would be interested in your experiences in trying to obtain loans.

Steve BloomChapter Chair & Business Mentor, SCORE Atlanta
Steve Bloom started several business ventures in mortgage banking, real estate development and management, importing and business consulting. He has invested in several startups and has been retained by owners to assist in “turning around” businesses.
www.scoreatlanta.com | @stevebloom | More from Steve

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Discussion (2) Comment

  1. Thank you Berneice for your kind words, they are appreciated. I plan on commenting tomorrow on new financing initiatives.
    Steve

  2. I Really Like your page! It is Great! Thank you very much for posting it! Have a nice day!

 

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