It continues to get tighter for small businesses seeking loans according to the April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices just released by the Federal Reserve.Tighter lending standards - lenders are being pickier.
Tighter price terms - business loans are costing more.
Tighter non-price terms - loan terms are shorter, more collateral is required and covenants are more restrictive.
This survey confirms what lenders have been telling me for the last 90 days.
But for those who know how to tell their story the right way to the right lenders, availability of business loans exists.
Which lenders are providing the loans?
SBA lenders, community development financial institutions, credit unions and a variety of asset based lenders including factors, commercial finance companies, equipment lessors and purchase order financiers.
Need help finding the right lender or telling your story the right way? Read "Matchmaking for Business Loans" and give me a call!
Tags : Federal Reserve , small business , business loans , factoring , asset based loans , SBA
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