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Banks urged to make loans easier to get for small businesses

POSTED: Friday, February 5, 2010 - 10:08pm

UPDATED: Thursday, April 8, 2010 - 3:19am

TYLER - Federal officials including the F.D.I.C. urged banks to be more lenient with their credit requirements to allow more small businesses to get loans.

One report shows banks were the strictest on lending to small businesses in 2009 than they were in 20 years.

The statement made by the feds today could help more money become available to entrepreneurs who want to open a "mom and pop" store.

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That is what caused the problem we are in now. Making loans knowing that the people could not pay it back. 20% down, minimum, and they with good credit you get a loan, and the other taxpayers do not pay it back for you.

Isn't lenient lending what got America into financial trouble with Fannie Mae and Freddie Mac?

With 8 million Americans out of work and still climbing where are the small businesses going to get customers? The U.S. is already declining in tax revenue because of the Obama economy. Every family I know has cut back on non-essentials, so it doesn't appear to be a good financial climate. I don't believe the local bank president wants to loan money in such an uncertain time. He works for a living too. It wouldn't be long before he was out of business if he loaned money to businesses that didn't have customers.

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