More Banks Saying Yes

I like good news and like to pass it on whenever i hear it. Good news for small (and medium) businesses! Banks are lending more, more often.

More Banks Saying Yes

A new survey shows smaller businesses are growing more likely to pursue and receive bank loans.

April 22, 2011

An increasing number of small businesses are applying for — and receiving — credit from banks, according to a recent Greenwich Associates survey of companies with annual revenues of between $1 million and $10 million.

About 30% of small businesses applied for a loan in the first quarter of the year, up from 15% in the last quarter of 2010 and 5% the quarter before that, according to the survey. While approval rates fluctuated from quarter to quarter, on average about 60% of the small businesses surveyed got the credit they sought between March 2010 and March 2011.

To read the complete article, click here.

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About Tiffany C. Wright - The Resourceful CEO

Tiffany C. Wright is the author of “The Funding Is Out There! Access the Cash You Need to Impact Your Business” and “Solving the Capital Equation: Financing Solutions for Small Businesses.” She is the founder of The Resourceful CEO, which helps owners of small/medium-sized businesses prepare their businesses for sale. Tiffany has an MBA from the Wharton School of Business, sits on non-profit boards and serves as a business mentor with the Cherie Blair Foundation.
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