Solution for Chicken Lenders – a Simple, Viable Option
No, not someone that lends chickens silly.
The banks here in the USA that are chickenshirt to lend money, even when the deals are good.
The background: The banks won’t lend money because they are scared of the future economy and they are being questioned by regulators on each and every loan.
Small business can’t afford to have a stock offering on Wall Street or they don’t want to give away the majority of their companies to VC funds.
Currently, there is a small business lending package that is a little cumbersome, but available through banks.
It’s called SBA, the Small Business Administration where loans are guaranteed by the SBA (US government).
The solution: Make the SBA limits higher, let the SBA guarantee loans and change guidelines to make it easier. Take a page from FHA. Have an insurance fund per loan to pay off the bad debts.
This way, the losses are covered, the loans are made and economy can recover.
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This article published on Friday, January 22nd, 2010 at 9:36 am | Contact the editor
Topics: Economy
About this Columnist (Full Profile)
Realty Reality! That describes Fred, a sharp witted and outspoken realist for the mortgage and real estate world who has appeared on CNBC and NPR’s Marketplace along with being quoted in the Philadelphia Inquirer and other media outlets.
Fred is the owner of U S Spaces, Inc (a real estate brokerage firm in PA and CA) and U S Loans Mortgage LLC (mortgage brokerage in PA, CA, CO, FL and VA).
Fred serves on the Board of Directors for the National Association of Independent Housing Professionals and the UpFront Mortgage Brokers, both consumer oriented organizations that help to make the industries better.
Stand by and enjoy his brain-to-finger translation of thoughts surrounding what we do or what we can do for our clients and learn how the real estate/mortgage world really works.
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