Small Business Lending Making Progress
Written by Jenna Weiner
As the economy improves, banks are becoming less hesitant to supply small businesses with loans.
It's no surprise in small business news that less sizable companies have struggled to recover from the recession, since they were highly concentrated in the hardest hit industries during that time period.
However, banks seem to be more willing to supply loans, which could open up job opportunities.
"The small business economy continues to limp along with tepid growth and minimal job additions," said Barry Sloane, president and CEO of the Small Business Authority. "We have witnessed an uptick in small business lending, but we believe the seeds for a reversal in trends could be in place unless business optimism picks up."
The Florida Times-Union points out that there has been a loosening of lending by major banks for small businesses in recent months. For example, SunTrust Bank of Jacksonville, Florida, saw its lending rise by 27 percent in 2010.
David Mann, chairman, president and CEO of SunTrust, tells the news source that although small business lending hasn't reached the level it was at during the real estate boom, it's still up from the doldrums of 2008 and 2009.
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