NEW YORK — With Washington leaders scheduled to brainstorm today on how to turn the economy around, small business owners may be wondering how the outcome will affect them.
According to a Sept. 22 Business Week article, the bright spot is the current financial crisis may not hit the small business sector directly however, a loss of confidence could have long-term effects.
"Entrepreneurs should be mentally and financially prepared to hunker down in this economy for a couple of years," Sam Thacker, finance and credit expert for AllBusiness.com told the publication. "The downturn that started a year ago could last another two Christmas seasons. I'm hoping its going to be less time than that, but people are worried."
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The Business Week article (http://www.msnbc.msn.com/id/26824517/) noted that credit unions are making more business loans than ever before. Bill Cheney, president/CEO of the California CU League, said even though a couple of CUs in his home state have had some difficulties, as a whole, the industry is well-capitalized above government guidelines. More calls are coming in from members asking about deposit insurance, he said.
"They're asking about the availability of their credit lines and about deposit insurance. I encourage members to call if they're concerned; they'll likely find that local institutions are doing much better than the larger ones," Cheney told the publication.
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