Emily Maltby of The Wall Street Journal reported today that Small Business loans dropped about 9% from a year earlier and we continue to hear business owners complain they are being rejected for loans. I don’t hear our listeners report getting loans, but frustration that they can’t access capital and they wan’t to hire and expand.
It’s frustrating because interest rates are near record lows, but small businesses can’t access this cheap capital.
The Obama administration claims to be PRO Entrepreneur with initiatives like Start-Up America, etc. but Small Business owners are still having issues accessing credit.
Entrepreneurs are seeking credit to create jobs and expand, but the loans are not there. This administration needs to get capital flowing to small business – the debt crisis of the last several years did not come from Small Business.
Small Businesses are our growth engine to get out of this recession- so lets do something about this Washington.