ALL >> Business >> View Article
Fewer Small Businesses Qualify For Small Business Loans Even
UnsecuredBizLoan owner Daniel Drew says it's time for small businesses with credit issues to consider alternate forms small business loans. He notes that President Obama's plan to offer small businesses helps. However, low interest loans backed by the government are harder to get from banks.
With the recession, community banks who lend to small businesses may not be in any better situation than the businesses they serve. Both are intensely focused on profitability. Government programs can come with stringent administrative requirements. The money may be there and it may be a safe bet, but the administrative overhead is large. This has many small business owners looking for options.
Banks say they have money to lend but small businesses claim they can't access credit. While there is money to lend, it's harder to find businesses that can quality for it. Drew says there are options for small businesses that used to have good credit, but because of the recession their options are limited. Sales are down for small businesses and their assets, like real estate are down too. This leaves businesses ...
... with little cash or collateral they need to get credit.
If a small business has good credit, SBA loans and other traditional loans remain an option. These businesses are weathering the recession just fine. They have access to credit. But for those who've seen hard times and now have derogatory marks on their record, they're not seeing a recovery. It's harder than ever for them to get a loan,?said Drew.
Through the stimulus package, President Obama has made it easier for small businesses to get an SBA loan. He did it by changing some of the federal requirements to get loans. The real problem right now isn't the lack of availability of SBA Loans. The problem is that most banks aren't lending at the lower rates. Basically, banks are being stingy with their money, even though it comes backed by the federal government.?
Small businesses may need to consider other options such as non-traditional funding. If you have a low credit score it's difficult to get a regular business loan. Still, there are other ways to get cash if you're willing to consider them. UnsecuredBizLoans is one source of alternative funding such as business cash advances and business lines of credit. We've seen these options make the difference between survival and going out of business.?
When small-business owners can't gain access to credit, the economy suffers. Some small businesses have already shut down because they lack access to credit ?something all small businesses want to avoid.
UnsecuredBizLoan.com offers Business Lines of Credit Online, Small Business Loans and SBA Loans. Soon the company will offer Business Cash Advance Loans. Based in Lehi, Utah our unsecured Small Business loans are available for businesses inside the United States.
Add Comment
Business Articles
1. Top Features To Look For In A Warehouse For Storage SolutionsAuthor: kabir kumar
2. Astrologer In Perth
Author: Astroservice17
3. How To Qualify For A Car Title Loan: Key Criteria | Ezcartitleloans
Author: Ez Car Title Loans
4. Christmas Photo Editing: Bringing Festive Memories To Life
Author: Sam
5. Online Cake Delivery In Hyderabad Convenient, Quick, And Delicious
Author: MyFlowerTree
6. Free Zones In Saudi Arabia For Business Setup
Author: adarshhlg
7. What Are The Benefits Of Using A Readymade Iso 27001 Manual For Your Business?
Author: Emma
8. Keeping Your Atms Running Smoothly: Buy Atm Machines For Sale, And Top Atm Routes
Author: NationalLinkATM
9. How Expats Can Make Their Business Dreams Come True In Ksa
Author: jodonjo
10. How To Manage Your Remote Team More Easily
Author: John Rame
11. How Outside Counsel Can Help Your Company Thrive
Author: Anna Paquin
12. Industry Icons And Influencers: A Closer Look
Author: successpreneurs
13. Using Data To Plan Successful New Year Sales And Promotions
Author: Philomath Research
14. Transform Your Home with First2install Bathroom And Kitchen Installations
Author: Vikram kumar
15. Design Your Future: Empowering Women With Fashion Skills In Pune
Author: Spherule