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Couldn't Get A Loan In '09? Try Again In '10
Of the 2,114 business owners surveyed in February of 2010 by the National Federation of Independent Business, close to 90 percent said they were able to achieve their borrowing needs. For anyone who was unable to obtain an SBA loan, it looks like a source of lending that has remained stagnant since the beginning of the economic crisis is providing help to those who need it most. That's right; banks are ramping up efforts to lend money to start-ups, small businesses and entrepeneurs.
JP Morgan Chase & Co.. has a new ad announcing plans to lend $10 billion to small businesses this year. Other financial institutions including Wells Fargo & Co., HSBC, Bank of America, CitiBank, and TD Bank have also expressed intentions to increase the flow of capital to the little guys.
While this is great news to anyone looking for credit, demand for bank loans is staggeringly high. Your business banker will ask to look at all of your financial statements, and ask that you clearly represent your company's financial position. We want to help prepare you so that when you sit down with your banker you not only have the financial documentation necessary to get a loan, but you have the answers to all of the questions your banker is sure to ask. We have helped our clients with this process in the past, and we can help you. For more information, email me at firstname.lastname@example.org.