Thanks to fed help, there’s renewed interest in giving loans
Bob Nelson, head of the Massachusetts Small Business Administration office, personally took a recent call from a frustrated car dealer.
The car dealership had shown a profit for the last two months, but the owner was still having trouble getting a loan from a bank because of general nervousness over the automobile industry.
A few weeks ago, he might have been out of luck. But these days, the SBA has a lot more to offer with an influx of federal funds and changes in lending rules that make it easier for banks to hand over money.
SBA officials were able to make some calls on the dealer’s behalf and hook him up with some bankers who might be able to help.
Nelson is spending a lot of his time on the road these days, explaining the new rules to both potential lenders and borrowers. Read full story:
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