SmallBusinessNewz

As you've surely noticed, we're well into 2010 by now; indeed, the year's about 15 percent over.  Still, another report concerning 2009 has surfaced, and said report seems worth covering, as it documents small businesses' access to credit.

The National Federation of Independent Business worked in concert with the Gallup Organization to survey 751 small business owners.  All in all, they determined that things didn't go terribly well for the 55 percent of owners who tried to borrow money last year.

A formal statement explained, "Forty (40) percent of small business owners attempting to borrow in 2009 had all of their credit needs met; 10 percent had most of their needs met; 21 percent had some of their needs met; and, 23 percent had none of their credit needs met.  The current level of borrowing success is significantly lower than in the mid-2000s when up to 90 percent had their most recent credit request approved."

Moreover, "The financial institution extending a line of credit changed the terms/conditions of the line(s) during 2009 for 29 percent of small employers having at least one. . . .  The most frequent change was increased interest rates."

Let's hope 2010 looks better in retrospect.  Perhaps some of the small business owners who managed to borrow in 2009 will be set for a while, at least.