Small business owners like to declare that they would succeed wildly if only they could get loans from banks, and bankers like to say they have billions to lend out if only they could find credit-worthy customers.
A survey released Wednesday by the Connecticut Business and Industry Association shows no great change in the equation, as 27 percent of business managers said credit is a problem for them — statistically unchanged over the last several quarters.
Only 25 percent sought financing in the second quarter of this year, down from 34 percent in the 2011 second quarter. That shows weakness in the economy and it’s a bigger concern than credit availability.
The survey, sponsored by Farmington Bank, was emailed to 1,950 businesses in July and 250 responded — three out of four with fewer than 50 employees.
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One Response to Credit Isn’t The Problem, Business Is
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Then Banks should lower their credit standards. Then businesses could grow and people could buy houses again. Maybe thats why the economy is still so bad. No one who doesnt have cash in hand can move ahead in life. No doubt about it, banks took a hard hit when because of the economy people lost good paying jobs and involuntarily fell behind on mortgages, car loans, etc. Maybe its time for them to lower their standards and give good people that maybe were down on their luck at one point a chance to get their lives back together vs saying you cant expand a business, you cant buy a house, because you dont have 10 plus years of perfect credit and a fortune to put down. Who honestly does?