Local Small Business Will Survive Despite Oppression by Banks
Many small business owners say they would be pumping money into this stagnant economy if they could only get a loan.
“Smaller businesses don’t have the same access to capital as these larger companies,” said finance professor John Paglia of Pepperdine University.
Paglia recently released the Summer 2011 Pepperdine Private Capital Markets Project, that showed nearly 95% of 1,221 privately held businesses want to put more money into their businesses.
A survey this year by PNC Bank showed that more than half of women business owners are funding their businesses with their credit cards. Only 27% got a loan from a financial institution, according to the survey.
The lending environment is a black cloud hanging over small business, said University of Central Florida economist Sean Snaith. Blame the evaporation of home equity in the housing crash, he said.
“That had been, especially in Florida, a relatively inexpensive source to fund small business,” Snaith said of home equity. “That source of funding was eradicated as well during the housing crisis.”
Until banks begin to open up funding for local small business it will be very hard to turn this economy around even though many local small business owners are optimistic and want to grow their business.
We are reaching out in a grass roots effort to help communities of minority-owned small businesses around the country to build an online presence with free & low cost resources
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