Owners turn to non-bank loans
Scott Metzger wanted to start a restaurant-microbrewery in San Antonio, Texas. His credit was good. His business plan was sound. He should have had an easy time getting financing.
He didn’t. After spending a year developing relationships with three large banks, he abruptly was denied last December.
The state of the national economy had soured, the banks told Metzger, and they were tightening loan standards company-wide in an attempt to lower risk.
Left on the hook for thousands of dollars, he turned to his credit union, a not-for-profit lending cooperative. His loans were approved within two weeks, and his brewery is set to open in October. Read full story:
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