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Small Businesses Often Seek Big Banks' Help

Honored Contributor

Small Businesses Often Seek Big Banks' Help

 

 

Steve Strauss sat down with Robb Hilson, Small Business executive with Bank of America to talk Small Business and Loans.  Bank of America recently did a survey called, The Small Business Owner's Report.  They had 1,000 small business owners with revenues beteween $100,000 and $5 million. The small businesses also had between two and 99 employees.

 

Here are a couple of their Q & A's from the article.

 

Q: One thing that seems to frustrate a lot of people is that access to credit seems more limited today. Is that accurate?


A: What we found in the survey is that 78% of those who applied for a loan within the last two years were approved. As I said, approvals are up. And maybe as opposed to popular perception, you do not have to be a big small business to get a loan. Let me give you an example. More than half of our small business loans go to businesses that make less than $250,000 a year. So the credit is definitely there.

 

Q: You mentioned the small business survey that you recently conducted. Was there anything in there that you found surprising?


A: I thought this was a very interesting statistic: Small business owners found running their business to be three times more stressful than raising children.

 

What do you think small businesses?

Share your thoughts with us on your own experiences on applying for loans?


For more of the Q & A, check out: "Ask an Expert: Small Businesses Often Seek Big Banks' Help"