The Struggle to Get Credit
Small businesses are still struggling to get credit.
According to a poll conducted by the Federal Reserve of New York, businesses in the area can’t get loans they need for everyday expenses and expansion. Of the more than 500 small businesses polled about 36% said finding loans was their toughest challenge.
About one-third of small businesses in the study said they didn’t even apply for loans because they knew they would be rejected. In particular loans for under $100,000 are tough to come by for businesses in the New York area.
Are you able to get the credit you need or is finding loans one of your biggest obstacles?