Big Banks Are Back in Small Business Lending
Some positive signs for the economy in September may help boost the Obama campaign, just at a time when Republican challenger Mitt Romney appeared to be gaining ground.
The September 2012 Jobs Report released by the Labor Department indicated that the economy created 114,000 jobs last month and that the unemployment rate dipped to below 8% for the first time in two years, down to 7.8% from 8.1% in August. Further, the number of Americans looking for work dropped to 12.1 million, the lowest total since President Obama took office in January 2009. Republicans were quick to note that President Obama’s economic experts predicted that unemployment would dip to 5.6% if Congress passed the President’s $800 billion stimulus package.
Alan Krueger, head of the White House’s Council of Economic Advisors, said: “While there is more work that remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression.”
My own research has found good news for small business owners. The Biz2Credit Small Business Lending Index for September 2012 indicates that big banks have started lending to small companies at a higher frequency as of late. Last month, big banks (categorized as having $10 billion or more in assets) approved 14.2% of small business loan requests,
We recommend you visit the following site for more complete information and related topics. Article source: http://smallbusiness.foxbusiness.com/finance-accounting/2012/10/09/big-banks-are-back-in-small-business-lending/