New survey results from the Forum of Private Business once again focus on how hard it is for small companies to get money from banks. Otherwise, small business owners seemed to be fairly split between adopting optimistic and pessimistic outlooks.
Let's start with the stat that is easiest to decipher: according to a formal statement, "An overwhelming 77% of businesses reported seeing the terms and conditions of lending worsen in the last calendar year, with many being forced to provide more security to cover their current lending levels."
Obviously, that's not good. Obtaining funds isn't the sort of thing small business owner do for the sake of a challenge, like a complicated puzzle.
Here's the data that is sort of open to interpretation, though. It seems that 47 percent of the FPB's members expect to see an uptick in trade next year, and 45 percent expect to expand their businesses.
FPB CEO Phil Orford - who apparently survived his charity hike - said, "These figures show that, while things are certainly still very tough for many small businesses, there is a feeling that we are perhaps through the worst of it and things should soon start to improve."
Ways Online Forum Participation Can Benefit Your BusinessUpcoming Small Business Event RoundupUpcoming Small Business Events for 2009Entrepreneurs Honored During Small Business WeekAre You Using Your Business Cards to Socialize?Some Upcoming Small Business EventsSmall Business Lending Still Down In UK5 Key Ingredients to Surviving in Online BusinessLending Problems Tied To Business ClosuresBig Week for Women in Business
 | |||
| Do you have a business site? Submit your business related site FREE! | |||
| |||
Submit Your Article
Advertise
Newsletter
Comments
Wringing Money Out of Banks
You know, Doug, we've been in the financing end of small busines for over three decades now, and it has NEVER been easy for small businesses to get funding. There have been ups and downs all along the way. We are in a pretty steep down right now, but that is to be expected with the economy the way it is. One of the very major problems is that entrepreneurs just got lazy. For years and years it was pretty easy getting funding, and few businesses even bothered with the old standby, the business plan. Well, banks are reverting back to what worked 10-20 years ago. They are demanding planning and validation for lending. Sadly, most entrepreneurs just never learned how to do it because they never had to do it. It is going to take a learning curve on everyone's part, but I think we will all be better off in the long run.
Post new comment