Bank of America tightens small business loans

Credit may be getting harder to come by for small business owners as Bank of America announces more than $500 million dollars in charge offs of small business loans this past quarter. That’s up from $239 million in the third quarter of 2007.
What it means is that are cutting back on loans to small business – so much so that they have declined to #4 on the list of SBA lenders. In 2007, they were #1.
And I have a feeling they aren’t the only lender who will be more stringent in credit lending in the upcoming months.
It’s going extremely difficult …read more