|| Print ||
|Monday, August 10, 2009|
Where do you go if you need some money for your business? Home equity is no longer a solution and credit cards can be a poor one. SBA lending, though better, is still not great. So what do you do?
Given the current state of the credit markets, it was no surprise to read in the Oregonian that “dozens of small-business owners crowded into a downtown meeting room [last] Tuesday to tell U.S. Rep. Kurt Schrader that federal efforts to stimulate the economy have skipped over them” and that something must be done to make more money available to responsible small business owners. (Schrader is the chairman of the House Small Business Committee's subcommittee on finance and tax.)
Indeed, a recent opinion piece in the Statesman Journal nailed it: “If Congress and the Obama administration want to get the economy going, they must get money flowing to small businesses. That hasn't happened.”
This is even truer here in Oregon. According to a recent report in the Oregonian, in 2006 (the most current year for which these sorts of stats are available) Oregon is exceptionally dependent on small business. In fact, out of 50 states, we ranked No. 9 in the percentage of people who work for companies with 100 or fewer employees.
So where do you go if you need the money? Increasingly, small business is turning to small banks. Why? Because “many community-based banks and credit unions have shown greater wisdom and restraint than big banks. Those local institutions didn’t get swept up in making risky loans; as a result, they continue making credit-worthy loans to businesses.”
Steve Strauss is the small business columnist for Oregon Business.
|The Good Hacker|
|It's a Man's Man's Man's World|
|Short Shrift:The threat of just-in-time scheduling|
|Downtime with the director of Barley's Angels|
|Fighting Fire With Fire|
|Shades of Gray|
|Man for All Seasons|
|How to court millennials|
|Wal-Mart wants meat suppliers to improve treatment of animals|
|Scandal negatively impacts Tom Brady's endorsement value|
|John Kerry pushes TPP in Seattle speech|
|Big banks hit with $2.5B fine|
|Six Chinese nationals allegedly stole trade secrets|
|Lane Bryant owner to buy Ann Taylor, Loft|
New conference aims to solve challenges, quell fears amid regulatory changes.
Tourism marketing supports entrepreneurship by attracting visitors to all corners of the state.
Beaverton firm's business intelligence platform rivals that of industry heavyweights.
34 spots for food, 17 places to sip, and 7 sites to choose a brew beckon visitors.