How Can Small Businesses Deal With The Credit Crisis?
The economic crisis brings great challenges to small businesses. The most direct consequence is the limited to no access to the capital needed for business development. The recent survey by the Federal Reserve Bank of New York shows a 4.7% decline in microloans and reflects an overall hesitant and skeptical attitude towards taking out credit among small businesses. The poll also found that the decrease in credit application is due largely to a high denial rate among financial firms.
Amid this gloomy picture, what can small businesses do? This interview with commercial banking veteran James R. Coughlin revealed some insights to help small business owners make the best of the situation. From adjusting relationship strategy with financial firms to revamping your business presentation and tackling the problems that may have affected your credit application, there is a lot you can do rather than panicking.
Do not forget, you can always come to SCORE with all the questions and concerns that you may have. We offer free consulting services to small, local entrepreneurs on multiple aspects of business. Check out our website on ScoreLancaster.org for more information.