As the credit freeze continues and the recession deepens, many community banks, generally defined as having less than $10 billion in assets, are reporting an uptick in loans and credit lines to small businesses. At a congressional hearing on small business and the economic recovery earlier this month, economist Paul Merski, of the Independent Community Bankers of America, a Washington (D.C.) trade group, told lawmakers that community banks make 20% of all small-business loans, even though they represent only about 12% of all bank assets. Furthermore, he said that about 50% of all small-business loans under $100,000 are made by community banks.
If you've ever worried that your small business is outdistanced and outclassed by the huge corporate giants around you, … MoreMore Contributors
- Inspiration Without Perspiration is a Dull Startup
- 10 Quick Actions You Can Do Right Now to Get More Referral Traffic
- Which Web 2.0 sites are getting Google Love?
- The Struggles Entrepreneurs Face (And How to Beat Them)
- Facebook Ads vs Promoted Posts: A Side-by-Side Comparison — socialmouths