Credit Squeeze in the Business World

Written by: Andy Watkins - BusinessDetroit.com Editor

Well more bad news for small businesses. It looks like we have received a ton of letters and email's relating to the lack of funds from banks for their businesses. It seems that many of the banks at least in the Detroit area have slowed down on giving out funds to small businesses or any business for that matter. We at BusinessDetroit.com called on a few banks and each one seemed to have a canned response for us. They all stated in a few words that everything is fine and we are signing up new loans just as much as ever before.

Well I know this first hand that banks have turned down many of my close friends that showed me their bank information and were amazed that they got turned down even with a credit score in the low 800's. These business individuals had great credit scores and assets, but couldn't even get a $50k loan from a bank.

So are we in a recession or not? Watching CNBC the word "Recession" popped up 11 times during the power lunch segament.

Here's the big question to the BusinessDetroit.com membership....what's next...what should a business do if they need the money, but can't get the funds from the bank? Please share your thoughts right here and we will share them on our web site at BusinessDetroit.com . Make your views known today.