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Lending environment in WNY – A 7… what?!?

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For a while we’ve been getting mixed reaction about small business lending.

On one side we keep hearing that the US Government is trying to loosen the grip on bank loans, yet so few are being made. Why is this?

News out of the SBA office in Buffalo NY seems to indicate that smaller, regional banks are still lending, since they weren’t hit as hard by the financial shake-up as national banks. However the minimum credit score to secure a loan is right around a 730.

Meaning if you don’t have pristine, excellent credit, you are going to have a really hard time.

To put that in perspective, a 650 use to be considered mid range for “good credit” and the credit score tops off between 830-850 depending on the reporting company.

Might be a good time to think about bootstrapping a business.

~Karlie

Written by Karlie

February 18th, 2010 at 3:28 pm

Posted in planning,Start-up

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