Banks Are Overlooking Small Companies That Want Credit, Fed Report Says

The Huffington Post News Editors, Huffington Post
Thu, 10/21/2010 - 10:18am

Banks that lend to small businesses may have overlooked thousands of qualified loan applicants, according to a report released Monday by the New York Fed. Three out of four small businesses received only "some" or "none" of the credit they applied for in 2010 -- and half of small business loan applicants were flat out rejected.Meanwhile, small business demand for credit was considerably stronger than it's been in previous years as 59 percent of small business owners applied for a loan in the first half of this year, compared with about 55 percent in 2009 and 40 percent in the pre-recession period, according to the New York Fed's data.Read More... More on Small Business America

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