Why when interest rates are low and the federal government allocated money to help struggling banks, do we still hear stories that small businesses are having trouble getting loans? Provide at least 3 reasons.
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the implicit standard of lending in the banking world today is that a business must be capable of repaying the loan even if the economy [sales] declines a further 10%.Many small businesses won t seek a loan until they have cash flow difficulties -- ie: until they can t repay at even the present level of sales, much less if sales go DOWN from here.***A prudent banker [I know we re seen a lot who weren t] needs to remember that the money he might lend is NOT his to lose, but belongs to his depositors. All of them want all of their cash back when they need it. ALL of their cash, not most of it.
1) As most people, small businesses apply for a loan when they need it and from a bank s perspective, the best time to give a loan is when someone doesn t need it. 2) Banks view small business as high risk 3) In this economy, banks are going to be ultra conservative (think securitized loans)
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they have no track record of success - they need to show several years of profitability in the amount that show they can pay back the amount they want to borrow - same as an individual
