Considering the Dow's down 236 points at the time of this writing, it seems possible that banks won't exactly be approving loan applications by the millions anytime soon. That makes it all the more important, though, that Federal Reserve Chairman Ben Bernanke has urged banks to lend more money to small businesses.
"While maintaining appropriate prudence, lenders should do all they can to meet the needs of legitimate, creditworthy borrowers," Bernanke said yesterday, according to Nick Bunkley.
The chairman then paid a pretty big compliment to small businesses in general, stating, "Encouraging lending to small businesses that are well positioned to pay is a positive, not a negative, for the safety and soundness of our banking system."
It's hard to ask for better sound bites than that. Let's hope they reach the ears of some important people in the banking industry, and that said people will then actually abide by Bernanke's suggestions.
For what it's worth, Bernanke was speaking at the Federal Reserve Bank of Chicago's branch in Detroit when he gave these tips, so it's not like his ideas were voiced during some private interview behind closed doors.
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surrounded by idiots
Yes, small businesses are integral to the entire US economy!
Back in December 2009, Pres Obama held his so-called "jobs summit." The one remark that just made my blood boil was the President saying (paraphrase), "businesses need to put aside profits for the time being and just hire people." My jaw dropped. I'll bet many other business owners jaws all over the country did too.
And so, I wrote them. When the White House finally wrote back last week, June 1, all that was offered were several links to agencies providing loans. Those in government, who have never had to make a payroll in their entire careers or successfully ran ANYTHING, are inept at best or incompetent at least. They just don't get it.
We business owners DON'T WANT LOANS! We do want our customers to have "loose change" in their pockets. Enough loose change to go on vacation; to buy a hot tub; to buy new stuff for their home or apartment. The problem is, they don't have enough of this loose change. For that reason, the unemployment picture is poor and not looking any better for the foreseeable future.
In the movie "Lion King", the antagonist Scar (voice of Jeremy Irons) said it best: "I'm surrounded by idiots."
Your experience is great and
Your experience is great and learning for other people.
More Loans for Small Business
Fed officials have hosted more than 40 meetings around the country with small businesses, bankers and community leaders to identify obstacles that have contributed to a continued contraction in lending.
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