While the Small Business Administration reported last week that it has supported more than $13 billion in small business loans since last September, lending to small businesses in the New York City region specifically has seen substantial improvements.
The Big Apple has emerged from the recession fairly well, with an explosive tech startup scene, not to mention the creation of thousands of new private sector jobs. But according to Crain's New York Business, SBA-backed loans grew by 39 percent last year over 2009. Meanwhile, the region's largest small business lender, JP Morgan Chase, increased its lending by a whopping 222 percent.
"There's been a little loosening of credit," Barry Sloane, chief executive of Newtek Small Business Finance, told Crain's. "It's nothing tremendous, but it's happening."
"Banks are more willing to take the time to understand the strategy of the small business," added Ron Walker, president of small business merchant bank Next Street Financial.
And this bodes well for small business seeking to incorporate in New York City, as the recession has been particularly rough on the availability of credit due to banks' tightening of lending policies.
Tags : financial management, incorporation news, ny, small business management
Posted: Jan 10th, 2011