There are reports that the Small Business Administration’s business loan that was most popular with those seeking financed has fallen 19 percent. The recent economic downturn has had an effect an on the availability of small business loans, but the news is not all bad.

Some would-be business owners have had to go to several banks before getting a loan. If you are using your home as collateral, some banks are less than willing to help because of the shakiness of the housing market.

Those of you who are seeking business loans should know that banks are expecting higher down payments and plan accordingly. This is a challenge, but it is not an impossible hurdle.

People with strong credits ratings are getting loans. At least one expert feels that the standards had been rather lax. So what seems like a tightening may be a return to the status quo. When you do get a loan, you’ll know that you are in a good position to succeed. Strong businesses help the economy, so that may not be such a bad thing.

Visit www.sba.gov to learn about loan prequalification and read about loan requirements.

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This entry was posted on Monday, July 14th, 2008 at 5:28 pm and is filed under SBA Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.