The facts about Commercial Banks are these: (a) banks insured by the FDIC reported Loans in 3rd QTR 2009 declined by the largest percentage since quarterly reporting began in 1984; (b) more than 26% of all insured institutions reported a net loss in the latest quarter – following the banking industry's $4.3 billion net loss in the second quarter of 2009. Clearly, traditional bank lending criteria will remain very tight in 2010. The steps a small business owner should consider when looking for working capital financing in 2010 include looking at alternative funding sources such as credit unions, USDA loan guarantee programs, receivables factoring - as several of the earlier posts in this thread point out. In addition, if a small business owner is seeking to finance the acquisition of specific assets (equipment, vehicles, software) - the assets themselves can serve as collateral to help the business get approved for financing.

The facts about Commercial Banks are these: (a) banks insured by the FDIC reported Loans in 3rd QTR 2009 declined by the largest percentage since quarterly reporting began in 1984; (b) more than 26% of all insured institutions reported a net loss in the latest quarter – following the banking industry's $4.3 billion net loss in the second quarter of 2009. Clearly, traditional bank lending criteria will remain very tight in 2010. The steps a small business owner should consider when looking for working capital financing in 2010 include looking at alternative funding sources such as credit unions, USDA loan guarantee programs, receivables factoring - as several of the earlier posts in this thread point out. In addition, if a small business owner is seeking to finance the acquisition of specific assets (equipment, vehicles, software) - the assets themselves can serve as collateral to help the business get approved for financing.

It is very easy to get business loans once you have established strong business credit.

It is usually very easy to join a credit union, especially if your employer offers one.

Bsarrett, That is logic that used to work two years ago, but I can show you dozens of businesses that cannot get loans with unassailable credit, others who had great credit and lost their credit lines with no explanation, etc. The facts are not with you - in today's climate, many businesses with very well established credit are unable to get the loans and credit lines they need to stay in business.

Bsarrett, That is logic that used to work two years ago, but I can show you dozens of businesses that cannot get loans with unassailable credit, others who had great credit and lost their credit lines with no explanation, etc. The facts are not with you - in today's climate, many businesses with very well established credit are unable to get the loans and credit lines they need to stay in business.

It is very easy to get business loans once you have established strong business credit.

It is usually very easy to join a credit union, especially if your employer offers one.

Very easy. The law was changed to allow the credit unions to alter their charters to include almost everyone.  I have a credit union in Pennsylvania that is open to everyone that works, lives, worships or has a relative in Cumberland County PA.  Some are limited to place of employment.   It is their business to enroll new members.  Pick one that does commercial loans and call them.  My firm works nationwide so I can help you negotiate through most of this,

Very easy. The law was changed to allow the credit unions to alter their charters to include almost everyone.  I have a credit union in Pennsylvania that is open to everyone that works, lives, worships or has a relative in Cumberland County PA.  Some are limited to place of employment.   It is their business to enroll new members.  Pick one that does commercial loans and call them.  My firm works nationwide so I can help you negotiate through most of this,