Thursday, January 15, 2009

Twenty Percent Declined for Business Loans

Just over twenty percent of middle market businesses that recently changed banks said their original banks failed to give loans or financing when needed according to a survey from Greenwich Associates.

Perhaps as a result, 40 percent of middle market businesses were seeking or open to finding a new bank, as reported on For small businesses, the percentage increases to 50 percent!

While in the past, businesses would switch banks mostly due to price or service, access to capital and credit terms are clearly becoming more important.

Notwithstanding the credit crunch, there is money available for business loans from banks and a variety of non-bank lenders. You just need to know where to find it and how to convince the lenders that you're creditworthy.

Need help finding the right lender or telling your story the right way for your California business? Read "Matchmaking for Business Loans" and give me a call!

Tags : credit crunch , accounts receivable , lines of credit , factoring , SBA loans , bridge loans , real estate

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