The Small Business Administration backed less than half the amount of business loans in the last quarter of 2008 then it did during the same period in 2007. In addition, the dollar value of loans dropped, sliding from $3.24 billion in 2007 to $1.94 billion in 2008.
This should come as no surprise as more than 75 percent of banks stated they had increased their lending standards in a recent poll.
Source:
CNNMoney.com: Sharp Drop In Small Business Loans
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