An Opinion On “Companies Map Their Routes to Recovery”
Craig,
Despite the media reporting the contrary, credit is readily available to anyone with a reasonable business plan. Interest rates aren’t even too high. The reason small business advice businesses aren’t borrowing is not because the banks don’t want to lend, but because businesses don’t want to borrow. If you happen to be one of those people who have a marginal credit rating and can’t get good bank financing, the gov’t has a million and one programs you can tap into.
I own one of those very small businesses. I get regular calls and letters from my bank offering me very reasonable credit terms. But given the poor state of the economy and all the proposals in DC that would squeeze my profits/income even more, the last thing I want to do right now is borrow. I know lots of people (contractors, lawyers, etc.) who are in the same position.