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Credit Crunch is Still Squeezing Small Business |
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| Credit Crunch is Still Squeezing Small Business |
| Saturday, February 28,2009 07:25 AM |
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The bank bailout was supposed to loosen credit. But for small businesses, getting a loan is still a big hassle.
Some morning last October, with the stock market taking a beating and
economic forecasts going from bad to worse, I decided to call my
banker. Emerald Packaging, my 46-year-old family-run plastic-bag manufacturing company,
had scaled back our credit line earlier in the year - at his
suggestion - in order to save fees on the unused portion. Talk about a
great guy. He'd even promised me that if I ever wanted to restore my
former limit he'd get it done. Well, now seemed like a good time to
call in that offer. Better to go into a recession with more cash than
less.
Read the full article at http://www.newsweek.com/id/186572
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