This post by Bill Sims
The Reality of Lending – “The New Norm”
A feature article re-posted from the online edition of Nevada Business – The Decision Makers Magazine.
A Nevadan needs $120,000 to open a used sporting goods store but can’t get a loan from a bank. Either he gives up the idea or resorts to creative financing, if possible. In the end, he puts up $40,000 of his own money, gets his landlord to cover $15,000 of tenant improvements, and obtains a $40,000 loan from the state’s micro-loan lender and a $25,000 loan from a Florida bank.
“In that situation, we’re looking at four sources. That’s what we have to do,” said Rod Jorgensen, who is director of counseling for the Nevada Small Business Development Center (NSBDC) and helps small businesses find and obtain funding.
Lending to start-up, early-development and existing businesses is happening in the Silver State but far from the level it was at three years ago….
READ THE ENTIRE ARTICLE AT NEVADABUSINESS.COM