There are no secrets banks are pressuring corporate loans and lines of credit. In fact 55% of SMEs surveyed by the National Small Business Association reported difficulties in obtaining credit last year. And that was in early 2008 before the credit crunch actually affected.
Where can companies turn for working capital as banks say no to the funding? Here are three places to take into account during the credit crisis of 2009:
CREDIT UNIONS
The local credit union has long served the interests of members by offering attractive rates, services and products not generally available through traditional banking institutions. To date, credit unions have weathered the mortgage crisis much better than sub prime banks and members are turning to them for help. (continue reading…)