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.
Alix Stuart – CFO.com | US
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.