Banks could begin canceling lines of business credit soon
Poll: More than half of small businesses say they can’t get adequate financing
The growing banking crisis has small business owners concerned their lines of credit could be canceled as elevated interest rates further diminish loans in the financial sector.
Molly Day, vice president of public affairs with the National Small Business Association (NSBA), said, "These firms are justifiably concerned about the security of their finances, particularly following the collapse of Silicon Valley Bank."
"They’ve been through it all before, credit lines being called in early, loans being reduced," she added. "It was a nightmare then, and it would be a nightmare again today, but unlike large businesses that can absorb financial fluctuations, small businesses are often seen as risky and have little recourse."
The economic recession from 2007 to 2009 sent shock waves through the small business sector as fewer startups were created, layoffs were implemented and commercial lending slowed
Last week, the NSBA released a small business poll on the current state of lending in the U.S. following the collapse of Silicon Valley Bank (SVB).
More than half of the respondents said they are not able to obtain adequate financing, while one-third of respondents said terms have become less favorable to their business in just the last month.
Meanwhile, 13% of the respondents said that in the last month alone, they have experienced a decrease in the account limits of their credit lines or credit cards
https://www.foxbusiness.com/markets/banks-canceling-lines-business-credit-soon.amp
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