Remember in 2008 when banks weren’t lending because of the economy? Remember in 2009 when the same thing happened? 2010…. and 2011…? Aren’t you glad it’s 2012 now and getting a bank loan has never been easier? No?
According to a CNN article published May 1, 2012, big bank lending is still continuing to SHRINK. At this point, one must stop to think if they have any plans to support small businesses ever again. Sure, a few years ago it made sense to be risk-averse and to learn from their previous mistakes. But now, it’s time to start asking serious questions. As quoted from the article:
A drop in lending is another worrying sign for the economy. When banks cut their lending, it makes it harder for small businesses to get money to expand.
We disagree that there is cause for worry since small business financing no longer starts and ends with banks. In fact, it’s becoming to safe to say that the alternative lenders of the past are now the standard. If anything, banks are now the fallback alternative. Five years of shrinkage doesn’t inspire much confidence so fortunately there are places to obtain capital, such as…well…us.
While the big banks pull back, we’re charging full speed ahead. Contact us today!