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The effects of the slowing economy have small-business proponents advocating for changes in federal loan programs.
Sarah Johnson, CFO.com | US
April 18, 2008
Here is a recent story from a colleague in real estate who sells businesses. He started out last fall with a client who went to the banks 1st to get pre-qualified before selecting a site and going into escrow. In January they entered escrow, he continued to provide solid details about finances - he was highly qualified - and did his due diligence. Finally in the 11th hour the SBA comes back and wants 50% down instead of 30%. Needless to say this killed the deal. The business broker indicated that they did well over 20 deals in 2007 and had never seen anything like this. Needless to say he is counseling clients that even the SBA is causing credit crunch!!
Posted by fred fischer | April 21, 2008 09:59 am
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