Banks aren’t lending like they used to, and some small business owners are looking elsewhere for loans.
A story in the Minneapolis Star-Tribune details how business owners are turning to nonprofits and governmental programs for help grow their companies — or just to survive.
That kind of lending relationship isn’t traditional, but with banks unwilling or unable to extend credit, it’s a much-needed lifeline for some businesses.
The story puts it this way: “Many of the nonprofit lenders created financing pools years ago with grant money from the U.S. Small Business Administration and other federal or state agencies and foundations. Today, each customer’s loan payment is recycled back into the nonprofit loan pools and spun into new loans that help communities and provide jobs.”
Has your business turned to a non-traditional source for loans? We want to hear about it. Contact Herald writer Amy Rolph at arolph@heraldnet.com.
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