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Is Small Business Still Short on Funding Sources?

Despite some who claim the economy is on the upswing, small business is still struggling to get a bank loan. According to recently released SBA data, total small business loans outstanding in 2012 declined by 3.1 percent. Although this is markedly lower than 2011’s decline of 6.9 percent, it still indicates a trend downward, while large business lending is experiencing the reverse.

Also interesting is the fact that the SBA included credit card companies in the pool of small business lenders. Among all lending institutions and credit card companies with more than $10 billion in assets, American Express is the leading small business lender.

Read the full report here: http://www.sba.gov/sites/default/files/files/sbl_12study.pdf

If you are struggling to meet the terms of an SBA loan, credit card or other business debt, contact a qualified debt settlement attorney who can develop a strategy to get your business out of debt and back on the path toward financial success.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.