Sometimes, bigger is not better….
As the credit crunch continues to hamper small business growth, a few alternatives are appearing. The big boys have some competition, and unless they start stepping up to the plate and loaning money out, they will lose their footing-especially on the local level.
The smart folks over at the Wharton Small Business Development Center in Philadelphia said this on a recent article at OPEN Forum By American Express;
lending, including Small Business Administration loan programs, are an
important business to community banks — defined generally as those
with less than $10 billion in assets. These lenders make one in five
small-business loans, according to the Independent Community Bankers of
America. More than half of small-business loans under $100,000 come
from community banks, says the group, which also points out that nearly
half of small businesses get their financing from smaller banks.”
Read more about going to a community bank for your small business loans, here.
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