Small businesses, community banks

Published 6:51 pm Wednesday, March 10, 2010

N.C. Gov. Bev Perdue announced a new JobsNOW small business lending initiative to help more small businesses get loans they need to grow or stay in business. Because of the economic recession and new federal regulation of bank lending, small and medium-sized businesses are having a hard time obtaining credit. Gov. Perdues initiative will increase participation in Small Business Administration loans and other federally backed loan programs and help small businesses strengthen their loan applications. In the next six months the state will hold a series of “banker boot camps” across North Carolina to coach loan officers and community banks on how to take advantage of SBA loans. In addition, the state will help small businesses apply for credit. Sixty percent of small business loans are turned down because the applications arent strong enough, according to the governors office. “North Carolinas small businesses are the backbone of our economy, creating more than two-thirds of all new jobs,” said Gov. Perdue. “Small businesses will power North Carolinas economic recovery.”

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