Bank Lending Still Down

An article by admin    1 Comment

Despite constant efforts to increase small business access to bank funds, small business lending has continued to decline, according to CNN Money.

“The 22 banks that got the most help from the Treasury’s bailout programs cut their small business loan balances by a collective $10.5 billion over the past six months,” wrote Catherine Clifford.  Also according to the article, Wells Fargo saw the biggest lending drop.

So what do all of these statistics, numbers and percentages mean?  Small business owners still don’t have the access to bank loans and many of their businesses are still struggling.

Fortunately, the bank is not the only place for small business owners to turn to for business funds.  Many merchants have already taken advantage of these options.  Still, if more merchants were aware of bank loan alternatives and willing to use them, more businesses could be saved.

Yes, the bank is the traditional method of small business financing, but is an ineffective and possibly detrimental act worth continuing, simply for the sake of tradition?  For centuries, writers, philosophers and many other prominent figures have attempted to reveal the futility of empty, misconstrued traditions.  American poet T.S. Eliot said, “A tradition without intelligence is not worth having.”  Novelist, William Somerset Maugham said, “Tradition is a guide, not a jailer.”  And musician Gregg Hawkes said, “Traditions exist so we can go beyond them.”

The small business owners who have put tradition aside, realizing that using an alternative business funding method, such as a business cash advance is in the best interests of their businesses, have received up to $500,000 in unsecured business funds, a flexible and easy repayment method and continued access to business cash, with the opportunity to renew their business cash advances every three to four months.

Complete an online application today.