Biz2Credit said while capital can still be a challenge for smallbusinesses to come by, financing from credit unions and small,regional banks is on the rise.
|According to Biz2Credit, a New York firm that connect business borrowers tofinancial institutions, it arranged a record $50 million in loansand refinancing in September. That figure brings the total amountarranged between lenders and small businesses to more than $500million since 2007.
|Still, “despite reports to the contrary, there is no shortage ofsmall companies looking for funding, yet it is by no means easy tosecure capital,” said Rohit Arora, CEO of Biz2Credit.
|Arora said as credit markets continue to remain tight, deals areincreasingly being done with alternative lenders, credit unions and small banks, rather than with big banks.
|“Large lenders have stricter lending criteria to which they mustadhere, while local and regional banks and non-bank lenders tend tobe much more flexible, Arora said.
|Biz2Credit said its network consists of 6 million users and morethan 400 lenders.
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