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Finding Loans Still A Challenge For Small Business Owners

Written by Jenna Weiner
Published: 4/19/2010

Small business owners across the U.S. say they are unable to get the loans they need.

Small business owners around the country are having a difficult time securing desperately needed loans, McClatchy news service reports.

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Citing figures from the Federal Deposit Insurance Corporation and the Treasury Department, McClatchy says that lending across the United States economy contracted by a measure of 7.4 percent last year - an evaporation of $1.5 trillion in lending.

Though larger companies have access to bank loans and corporations are beginning to issue bonds, the news for small business owners may not be good.

Karen Mills, head of the U.S. Small Business Administration, told the news service that there is "a big gap in access to credit for small firms now," and called it a "huge problem" because of the effect small businesses have on the economy as a whole.

Mills added that if the country is going to find its way out of the recession, "it's going to be because we give small businesses the support that they need."

Even if they were able to secure loans, many small business owners may still not be confident enough to seek them. In a recent report from financial services group PNC, 78 percent of small businesses said they will probably or definitely not take out new loans or lines of credit in the next six months.

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