Over the past couple of weeks I have been meeting with bankers about their commercial lending requirments especially as it pertains to SBA guaranteed loans; in particular the 7A. Needless to say I left the meetings highly frustrated. Body language spoke the truth about how lending institutions really feel about supporting small business. Arms crossed, no getting up from behind the immacualte desk and a faces that lacked all expression. I knew where this was going which left me with the question everyone is asking: when will banks begin to lend? Or how about show genuine interest in helping a small business owner and mirror that genuine interest with genuine effort. Not eveyone, you know has credit problems.
To complete the circle I spoke with the SBA today and the response was less than desirable. Are all money related institutions miserable? I just wanted updated information on the 7A program and all I got was "we have no talking points" which was then followed up with "and we won't guarantee loans for investments". I didn't ask about investments. All I asked about was the facts today and requirements. This individual surely did not care about guaranteeing loans and doing her obligatory part to help support our economy.
Without small business, our economy has little chance of surviving. The sooner the banks and federal agencies get that, the quicker we can turn this ship around.