Small Business Owners Face Credit Squeeze
source: http://www.msnbc.msn.com/id/33272361/ns/business-small_business/
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- jmsrmy
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Small companies create more than half of America's jobs, but the entrepreneurs who drive this part of the economy continue to complain that access to credit two years into the recession remains scarce.
(Reuters, 2009, October 12, par.1)
[Small business owners say] their home equity lines of credit have been cut, business credit lines withdrawn and credit card limits slashed. Still profitable firms complain of a major pullback by banks, which many warn will leave a U.S. economic recovery stillborn.
(Reuters, 2009, October 12, par.3)
"It's like we've gone back 15 years in time," said Carmine Ryan, who founded Ryan Bros Coffee in San Diego with his brothers Tom and Harry in the early 1990s, using credit cards. "We have a proven track record, we pay our bills early and we're profitable," he said. "But banks are so gun-shy now that no one would touch us. They're just sitting on the money."
(Reuters, 2009, October 12, par.4-5)
Small business representatives like Todd McCracken, president of the National Small Business Association (NSBA), warn that unless more credit becomes available, America's entrepreneurs cannot expand, hire people and grow the economy.
(Reuters, 2009, October 12, par.16)
[more details at the link....]
(Reuters, 2009, October 12, par.1)
[Small business owners say] their home equity lines of credit have been cut, business credit lines withdrawn and credit card limits slashed. Still profitable firms complain of a major pullback by banks, which many warn will leave a U.S. economic recovery stillborn.
(Reuters, 2009, October 12, par.3)
"It's like we've gone back 15 years in time," said Carmine Ryan, who founded Ryan Bros Coffee in San Diego with his brothers Tom and Harry in the early 1990s, using credit cards. "We have a proven track record, we pay our bills early and we're profitable," he said. "But banks are so gun-shy now that no one would touch us. They're just sitting on the money."
(Reuters, 2009, October 12, par.4-5)
Small business representatives like Todd McCracken, president of the National Small Business Association (NSBA), warn that unless more credit becomes available, America's entrepreneurs cannot expand, hire people and grow the economy.
(Reuters, 2009, October 12, par.16)
[more details at the link....]
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- groups:
- Community, The Retail Sector, US Economy
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- tags:
- Retail, Credit, Small Business, Lending
