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Small businesses are seeing the already-tough process of getting business loans get even tougher. Borrowing for small businesses was already constrained due to rising interest rates. Following the recent Silicon
Small businesses say they're getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
Approval rates of small business loan requests at big banks have fallen for nine consecutive months.
When Nat West, owner of cider-making company Reverend Nat’s Hard Cider, decided to supplement his wholesale business by opening a taproom in a bustling neighborhood in Portland, Oregon, he thought getting financing would be a breeze. After all, he was only seeking $50,000, has been in business for 11 years,…
Borrowing for small businesses was already constrained due to rising interest rates. Following the recent collapse of Silicon Valley Bank and Signature Bank, some lenders – particularly the small and midsize banks that serve small businesses -- may be forced to tighten credit further