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
CEO
Chief Executive Boards International
http://www.chiefexecutiveboards.com/
TerryWeaver@ChiefExecutiveBoards.com
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