As is the case in many other states, small businesses continue to feel the freeze in New Jersey as their lines of credit and credit card balances have been slashed despite their ability to meet their obligations.
The $1.9 billion Affinity Federal Credit Union in Basking Ridge, N.J., has seen the effects of the fallout over the last 24 months, experiencing a steady flow of requests for relief, especially with lines of credit extensions, said Donna Kidd, assistant vice president of commercial lending.
"Unfortunately, the economy stinks right now. If someone is doing their best, we need to work with them so when the economy does turn around, the sun is shining and the snow has melted, they'll continue to work with us," Kidd said.
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