NEW YORK — Small business owners are getting creative in finding financing sources including at credit unions as banks continue to tighten their loan standards, the Associated Press reported today.
Many are seeking out credit unions, online lending Web sites and other avenues, the article reported. Scott Metzger was turned down by three large banks to finance a restaurant and microbrewery in San Antonio, according to the article. A member of a credit union, he sought financing there and was approved within two weeks.
The article cited CUNA data that revealed business loans grew 20% in the second half of 2007 compared to the same period for 2006.
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