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Small Businesses Need Loans in Order to Survive

The national press is finally paying attention to the notion that it is going to be small businesses that lead us out of the recession. This CNN article points the problem out vividly in that small businesses can not survive without the ability to borrow from banks. First their credit lines were taken away, then lending stopped altogether. In Jacksonville, our SBDC is having quite a challenge in getting banks to lend to our clients. In many cases, six to twelve months of losses by a client makes it impossible to get them commercial bank financing. When business owner’s find themselves in a financial bind, they (like the rest of consumers) by fewer things for their business and personal use creating the vicious cycle we have seen that generates the continuing small business job losses, bankruptcies and going out of business sales.
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