In case any small business owners have had any doubt about the president’s priorities when it comes to the economy, President Obama has stated that small businesses are essential the American economy and has noted the problem that small businesses have nowadays in getting credit.
Obama’s weekly radio and Internet address gave the President the opportunity to urge America’s banks to step up their lending to creditworthy small businesses, stating that it is the banks’ responsibility to finance the small business engine. He also announced several programs that would spur lending, such as capital injections into community banks that would allow …read more

Nothing so cements and holds together all the parts of a society as faith or credit, which can never be kept up unless men are under some force or necessity of honestly paying what they owe to one another. – Cicero
Small business owners need to remember the basics in these difficult times:
1.  Don’t borrow more than you need.
2.  And pay back what you borrow.
3. Don’t spend all the money.
4. Save some for a rainy day.
5. Give some to others.
6. And remember money isn’t everything.  You have never seen a Brinks truck following a hearse.

This is a great time to start a small business!  The Recovery Act has provided more funds for the Small Business Administration and higher loan guarantee amounts.  And banks are still lending, if you have the right qualifications (a high credit score, collateral, and a great business plan).  In the photo, Ben Spearing assembles a baby stroller as his wife, Billie Jo, unpacks a wheel as they prepare for the opening of their baby store in Costa Mesa, California, in April. (Paul Rodriguez/Orange County Register/MCT)
But the realities of getting a small business loan haven’t changed. Here’s what I mean:
Reality …read more

In an attempt to get the banking industry to start loaning money to businesses and individuals at a healthy rate, the White House reportedly wants to purchase the toxic assets that are haunting banks across the United States. It’s estimated that there is nearly $1 trillion in toxic assets within the nation’s banking industry.
Most economic experts believe that the road to recovery for the U.S. will begin when banks regain the confidence and the ability to start loaning money. Without a fluid financial world, both businesses and consumers will find it next to impossible to return to the prosperity of …read more

This story is about a young chiropractor named Barton. He graduated from chiropractic college over $100,000 in debt, with no personal finances to get a loan., and a young wife and baby. But he was determined to start his chiropractic practice. He went to bank after bank. Each bank turned him down. Some said “no” more or less politely, but they all said, “No way you can get a loan.” He had little support from his family and no personal funds to use as collateral.  He had no experience, but he certainly had a will to succeed.
He was turned down …read more