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Banking On Small Business
By Will Ashworth | January 25, 2010
This past May, President Obama proclaimed the week of May 17 through May 23, “Small Business Week.” In his proclamation, he noted that small business in the U.S. creates 70% of all new jobs. Given this statistic, it may be said that real economic recovery will be a result of small business turning on its job creation engine and getting America working again. Unfortunately, jobs cost money, which business owners don’t have, and banks won’t lend - at least not at the rate necessary to make a difference. In fact, the 22 largest recipients of TARP-related funds cut small business lending by $11.6 billion in the six months following receipt of those funds in April. Shame on them. Fortunately, there are some banks willing to go to bat for small business in 2010. I believe their faith in Main Street will be rewarded in the future. Investors might want to take note. (We provide six tips for creating a winning business in a losing economy.
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