Starting a Business
Good news for entrepreneurs
: Small, community-based banks are anticipating approving more business loans this year, in comparison to 2010, a study by Sageworks reported.
Fifty-eight percent of community bank lenders plan on approving more business loans in 2011, the study found. Thirty-eight percent said they would make the same number of loans this year that they did last year, and 11 percent said they were actually less likely to approve loans. The results of this survey ndicate for what has been a notoriously slow economic recovery.
Most small, community-based banks have under $1 billion in assets and operate within a limited geographic location, in comparison to their larger competitors. They usually rely on real estate and commercial lending to survive, but the recession has seen a drop in home sales and rise in foreclosures, meaning most banks were unable to survive. Three-hundred and forty U.S. banks have failed since 2007, according to the study, the majority of which were community banks.
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