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”Conclusion There are no easy solutions to the obstacles facing today’s small businesses. Poor sales have weakened many businesses’ demand for credit. Those who do need credit are strained by lower real estate values and still tight lending standards. And regulators must communicate a consistent message that encourages a safe and sound approach to lending. Participants at FDIC’s forum—policymakers, regulators, small business owners, lenders, and other stakeholders alike— acknowledged these challenges and offered constructive ideas for addressing them. Recommended strategies spanned a broad range, from policies to improve the overall economy and real estate markets to consistent implementation of regulatory guidance and a hotline to obtain direct feedback from borrowers and lenders. Perhaps the greatest lesson learned from the forum was that continued communication and cooperation among all concerned parties will be the best way to promote a lasting recovery for small businesses. 5 See FDIC, Federal Reserve Board, Office of the Comptroller of the Currency OCC, Office of Thrift Supervision OTS, National Credit Union Administration NCUA, and Conference of State Bank Supervisors, “Interagency Statement on Meeting the Credit Needs of Creditworthy Small Business Borrowers,” February 5, 2010, ; FDIC, Federal Reserve Board, OCC, OTS, NCUA, and FFIEC State Liaison Committee, “Policy Statement on Prudent Commercial Real Estate Loan Workouts,” October 30, 2009, ; and FDIC, Federal Reserve Board, OCC, and OTS, “Interagency Statement on Meeting the Needs of Creditworthy Borrowers,” November 12, 2008, . The future of small business lending will have a disproportionate impact on minorities. Although white owners continue to own the majority of small businesses, growth in business ownership has been considerably larger among minority owners. The U.

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ow to start a Small Business with no Money and Bad Credit?How can I start a business with no money and bad credit I know it …answers.

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do small business loans require a personal guarantee We want them to…make safe and sound loans. ” Regulators are emphasizing a back to basics approach to underwriting. As Federal Reserve Chairman Bernanke explained, “Our guidance is very clear. You shouldn’t be rejecting loans because of the industry or because of the geography, or some category. You need to look at each individual business…the only way to make loans is going to be by doing the work. ” Some forum participants also highlighted the availability of alternative sources of credit. For example, SBA Administrator Karen Mills noted that SBA lending programs reached record volumes. “he SBA in the last quarter had its strongest quarter ever in the history of the SBA. We put out $10 billion in this last quarter into the hands of small businesses. ” Mr. Corralejo called for more funding for SBA and other alternative credit programs: “The biggest problem is that it’s a digit too small.

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For example, Federal Reserve Chairman Bernanke noted, “he Federal Reserve’s had an ombudsman since 1995…f you’re a bank and you think you’re not getting fair treatment and you’re worried for some reason about complaining to your examiner, then call Washington and we’ll respond to that.

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They are processed quickly and the applicant generally gets his money in about 72 hours.

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