Thursday, June 30, 2011

Big Banks Back in Small Business Market

In an amazing turnaround, at least one big bank (Chase) is back in the small business lending market. A Chief Executive Boards International member reported last week that he had secured a refinance on his building, described as a "blend and extend". They consolidated some other debt into the building mortgage, extened the term to a new 15-year amortization schedule at a competitive interest rate (5%) and charged fees around $500.

This is indeed good news, and a sea change in the banking market. For at least 2 years, small business has been welcome only at community banks - the big banks have been paralyzed.

So, if you need capital to expand your business and haven't shopped banks lately because you thought it was futile, it's a good time to put your package back together and go call on a half dozen or so bankers, both community banks and the big guys.

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Terry Weaver

Chief Executive Boards International

Chief Executive Boards International: Freedom for business owners & CEOs -- Less Work, More Money, More Freedom to enjoy it 

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