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Can a business still get a small business loan today?

The reality is that 99 percent of banks are in great health. According to Jack Palmer of the Crescent News “the vast majority of America's banks are well capitalized and are operating in a 'business as usual' mode.” It is true that the nation’s financial system is in a crisis. The government is running out of choices, hoping that a $700 billion plan to buy back toxic debt will regain confidence in the credit sector of our economy. Let’s stop here for a minute. How is this affecting you? Centrix Bank CEO Joseph Reilly said, "We have continued to do business as usual" while monitoring the disruptions in the financial markets.” And this statement holds true for almost every lender that concentrate their portfolios on small business lending. The bailout is aimed at 117 major banks that are borderline insolvent and need to get their foreclosing sub-prime mortgages off the books in order to operate day-to-day. Those banks, most likely, will use up hundreds of billions to restructure. And while they do that, solvent and profiting lenders are seizing the moment to make some headway in the lending market. Kelly Spors, of the Wall Street Journal, takes the time to list a few alternatives in her recent article. She suggests that small business financing are still available today and it is time to start thinking outside the box. Sincerely, Ilya Bodner Small Business Owner Initial Underwriting Group *Breaking Down The Barriers To Small Business Financing* www.initialunderwriting.org www.strongbusinesscredit.com Sources: -http://www.unionleader.com/article.aspx?headline=Small-business+owners+try+to+ride+out+the+storm&articleId=934adf1e-ac79-4733-ac4a-f1cedf433450 -http://online.wsj.com/article/SB122256833525883041.html -http://www.crescent-news.com/news/article/4434483

Public Comments

1. That's nice. The same paper that says the off shoring of millions of good paying jobs is good for our economy, is saying you can find "peers" to open nonexistent pocketbooks and lend you money. It doesn't happen in the real world, unless you are just trying to fund a $1000 copier purchase. The "Union Leader" also told the UAW and other unions that removing supplier jobs from the US to China, would be good for the economy, now they are finding out that those "jobs" were actually customers. The experts are idiots and anyone that is still listening to them (after all the crisis was called a "glitch" last year and they continue to tell us that 40% inflation in core food items isn't affecting Americans). But, believe what you want, the scam artists and crooks are praying you do.
2. This gives all of us small business owners hope that there is help out there. That at the end of the day all of the time we spent building strong business credit isn't going to be wasted. I did go the extra step and check out www.strongbusinesscredit.com and www.initialunderwriting.org and both of these sites spell it out. If I had these sites to guide me a year ago my businesses credit would be much more developed.
3. It is still definitely possible to get a small business loan, you just have to have a strong business credit score. If you are a start up or an existing company that just doesn't have a score, there are sources out there to help you. Just do a web search for strong business credit. A number of companies will come up.