As a result of the downturn in the economy, many small business owners have found it difficult to get financing. However, there are some signs that financial institutions are getting ready to provide more credit.
In one recent example, Ocean Bank in Miami is stepping up efforts to make loans to entrepreneurs who require capital in order to get processes up and running. In an interview with the source, the bank’s executive vice president and chief credit officer Sam Monti said that supporting small businesses was vital.
“Small business is the backbone of the national economy and the local economy as well as the bank’s market here,” Monti said in an interview with the source. “We also have working capital lines of credit for inventory or accounts receivables – or factoring, where we buy their receivables, for those don’t have strong balance sheets but do have very strong customers.”
Other major financial institutions have been stepping up lending efforts. M&T bank announced in a statement that small business lending had reached $196 million so far this year, higher than last year. Often the money from these loans will be used at a credit card terminal.Back To Blog