A recent article on MSN’s Business on Main shows that small business lending is still down despite efforts to loosen up the markets. Outstanding loans to small businesses totaled $609 billion at the end of 2010, according to a report from the U.S. Small Business Administration’s Office of Advocacy, down from the pre-recession peak of $712 billion in 2008. Banks had been cutting back on loans but it shows that small business loans were cut the most with loans to small businesses dropping another $15 billion early in 2011.
While the big banks may be cautious to hand out loans that doesn’t mean that small businesses aren’t looking for money to grow and expand their operations. It’s a sticky situation because businesses require cash to grow and in turn create more jobs that help the economy. So how do you get that needed money when the banks aren’t lending? Here are some other places to look for it…
1. Community banks
2. Leverage your social media network
3. Apply for a microloan
4. Join a credit union
5. Hire a loan hunter
6. Look for lender neighbors
Learn about the details of each option on the full article on MSN’s Business on Main
It may be awhile before the big banks start lending again but don’t think you can’t fund the funds you need to grow your business. It might just take a little extra work.
This article is brought to you by MSN’s Business on MainSubscribe to the Podcast