Another source for business loans
Wednesday, August 15, 2018
Since the financial meltdown of 2008, bankers have endeavored to serve the borrowing needs of their entrepreneurial customers. But laws such as Dodd-Frank — meant to regulate large banks and curb excessive risk-taking — put an overall squeeze on access to capital, especially for those with business startup dreams and little credit history.
Banks now have money to lend, but many entrepreneurs don’t fit a typical bank’s customer profile. Startups often lack a track record of business success and the collateral necessary to secure a traditional bank loan. But savvy community bankers don’t turn away business customers whose borrowing needs can’t be met internally.