Small business lending in a tough environment: Q&A with the Small Business ...
Small-business lending is on the upswing in the Portland area, a positive sign for a city that's built 95 percent of its business base from small employers.Loans backed by Portland's Small Business Administration office last year toppled pre-recession levels. Area lenders extended $308 million to small businesses in fiscal 2011 , which ended Sept. 30, a 46 percent jump from the previous year.
But statistics don't show what it takes to get entrepreneurs and bankers to sign the bottom line.
As the economy recovers from a recession caused by too much risk, business owners must be prepared, said Rick Stone, who leads the capital access team at Oregon's Small Business Development Center network .
Stone's a busy guy. The three-person capital access team works with as many as 50 business owners at a time, helping to write business plans and prep loan requests.
The Oregonian spoke with Stone to gain some insight into today's small business finance scene. The conversation has been edited for length and clarity.
Q: How would you describe today's lending environment for small businesses?
A: Difficult. We have identified over 180 available lenders, and there aren't any that don't have money. However, they're not standing out on the corner handing out $100 bills. They used to look through bifocals, now they look through microscopes.
People have to do their own due diligence before they talk to the lender, and they have to have a good story and an idea how they're going to pay them back.
Every business has a fingerprint, and every one of them is different. Every loan that we start working on has some glitches and some positives. I have a client that's been turned down 12 times.
Q: How are small business owners getting by without financing?
A: Bootstrapping. The way that they're doing it, unfortunately, is credit cards.
cash out loans - News
However, mainstream financial institutions are increasingly peddling similar loans. In California, payday lenders charge a 460 percent annual interest rate for a two-week cash advance on a borrower's pay or benefit check. The terms at major commercial
By moving their Treasury loan to one with better terms, these banks can get out from under the restriction that came with their initial bailout and cash in on the lower rates. It wasn't too hard to see this coming given that during consideration of the
Invest some money, secure taxpayer grants and loans, go public, and then cash out. In just one small example, a company called Amyris Biotechnologies received a $24 million DOE grant to build a pilot plant to use altered yeast to turn sugar into
Q: How would you describe today's lending environment for small businesses? A: Difficult. We have identified over 180 available lenders, and there aren't any that don't have money. However, they're not standing out on the corner handing out $100 bills.
For months, officials in Montebello have worried that they might run out of cash by the fall, or be forced to make drastic cuts to stay in business. But on Thursday, officials in the beleaguered city announced that it had gotten a $2.5-million loan as
refinance w/ taking cash out OR home equity loan? | Mortgage ...
So, I am in a situation where I had a good job for years w/o a degree, bought a condo, got laid off and now working again, but I think the real solution is to go back and finish my bachelor’s degree. In order to do this, I would like to quit my job this fall or sometime next year to finish my junior and senior year full time instead of just going part time. One thing is for sure and that is I start my junior year of college this fall, I just don’t know if it will be full time or part time. The college is night classes which makes it good for the part time option. The problem with not working and going to school full time is making my mortgage payment. My condo is worth 240K from the bad economy and have a 190K loan against it. (I had a good down payment from a previous house sale). My current APR on the condo is 5. 875%. I got a GFE on a basic refinance (5. 125% w/o points or fees) and it came back I would pay $1210 per month w/ taxes instead of the $1315 per month I’m paying now. I’m also considering not refinancing because it is only a $105 savings per month and I plan to sell in 3 years after I get my degree. If I don’t refinance, I am thinking of going with a line of credit (home equity loan) with the bank I have the home loan with and then quit my job when school starts. I would then use the money from the line of credit to pay my mortgage while I’m in school. I think the percentage rate was around 6. 5%. I wouldn’t need to use the home equity loan until my senior year of college though. I currently have $24,000 severance from the lay off I plan to use during my junior year to pay my mortgage. Then when that money is gone, I would plan to use the line of credit during my senior year. I like the line of credit because I only pay interest on what has been taking out.
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