Business Loan

Small businesses optimistic despite credit woes

Capital Solutions Bancorp — Wed, 22 Jul 2009 00:00:00 -0400

Despite reports of increased difficulty with their business financing, many small business owners are hopeful about the country's economic recovery, said a recent survey by the National Small Business Administration (NSBA).

The survey, released this week, found that 80 percent of small business owners are having trouble accessing credit due to the credit crunch, compared to 67 percent in last year's survey.

ARC loan program performance called into question

Capital Solutions Bancorp — Mon, 20 Jul 2009 00:00:00 -0400

The $255-million America's Recovery Capital loan program is reaching its one month anniversary, yet many are wondering if it is already falling short.

The program, which uses funding from February's stimulus legislation, is designed to provide ailing small businesses with deferred-payment, no-interest loans of up to $35,000, fully guaranteed by the Small Business Administration.

The SBA aims to approve $190 million in loans in 2009 followed by $150 million in 2010, to help just over 11,000 small businesses retain over 55,000 jobs.

SMBs scramble for alternative lending as CIT seems likely to fall

Capital Solutions Bancorp — Fri, 17 Jul 2009 00:00:00 -0400

Small businesses are waiting with bated breath to learn the fate of one of their leading lenders, CIT Group Inc.

With the announcement early this week that CIT was racked by a liquidity crisis and approaching bankruptcy, many feared that the impact of its fall would send shock waves throughout the small business community, and consequently the economy as a whole.

Small business optimism slips, employment shows modest improvements

Capital Solutions Bancorp — Wed, 15 Jul 2009 00:00:00 -0400

Though small business optimism slipped slightly last month, the National Federation for Independent Businesses (NFIB) survey showed that profits have marginally increased and employment levels are starting to stabilize.

The monthly survey, whose June results were released this week, showed that the small business optimism index fell one point to 87.9, down from May's 88.9.

The month's reading marks a bump in the past three month's steady gain of 7.9, reported Reuters.

CIT Group collapse would threaten small business credit, financing

Capital Solutions Bancorp — Tue, 14 Jul 2009 00:00:00 -0400

With the liquidity crisis facing small business lender CIT Group - leading many to speculate on the potential of a collapse - many small businesses are faced with losing their business lines of credit.

CIT Group has been the nation's leading SBA 7(a) lender for the past nine years, but has seen its lending ability plummet in the last nine months. According to the New York Times, it posted a $633 million loss in 2008.