Jay Foreman, CEO of Basic Fun!, stands near the entrance to his toy company, Thursday, April 6, 2023, in Boca Raton, Fla. Foreman had to temporarily scuttle plans for an acquisition due to the credit crunch. Jay Foreman, CEO of Basic Fun!, stands near the entrance to his toy company, Thursday, April 6, 2023, in Boca Raton, Fla. Foreman had to temporarily scuttle plans for an acquisition due to the credit crunch.
NEW YORK — When Nat West, owner of cider-making company Reverend Nat’s Hard Cider, decided to supplement his wholesale business by opening a taproom in a bustling neighborhood in Portland, Oregon, he thought getting financing would be a breeze. After all, he was only seeking $50,000, has been in business for 11 years, and takes in more than $1 million in annual revenue.
In February and March, West reached out to three lenders he had previously gotten financing from, including one where he has an existing line of credit. To his surprise, he was rejected. “I feel like it’s really weird, it’s such a small amount of money for a business that has so much ongoing, sustained revenue and has been in the same community for a long time,” he said.
Small businesses are touted as the economic engines of this nation but that’s just rhetoric as we’re inundated with untold paperwork just to participate in bidding any type of gov. work. To make matters worse, the big companies creates small companies to take part in that too!
And yet America is standing on $trillion small business.
It’s like 2009 to get out there, everybody’s going to feel the credit crunch. Just wait until credit card companies start reducing available balances out of the blue. Or maybe they won’t this time, I think that’s what kicked off a bunch of personal bankruptcies back then.
Go to your local community bank or credit union, folks.
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