http://www.sbaloans.com/blog/q2-2009-sba-lending-down-30/ Fri, 29 Jan 2010 20:22:42 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.sbaloans.com/blog/q2-2009-sba-lending-down-30/comment-page-1/#comment-272 Tyson F. Gautreaux Sat, 05 Dec 2009 20:21:44 +0000 http://www.sbaloans.com/blog/?p=22#comment-272 What has happened is that all of the people that qualified for home loans for people with bad credit are now going into default on their loans. In the last 2 years, the entire housing industry has seen major declines in home values due to the huge rise in defaults. Once you can teach yourself that you can handle the responsibility, then you can consider a home loan. In general, currently, banks who are issuing home loans are looking for someone with a credit score above 700. What has happened is that all of the people that qualified for home loans for people with bad credit are now going into default on their loans. In the last 2 years, the entire housing industry has seen major declines in home values due to the huge rise in defaults. Once you can teach yourself that you can handle the responsibility, then you can consider a home loan. In general, currently, banks who are issuing home loans are looking for someone with a credit score above 700.

]]> http://www.sbaloans.com/blog/q2-2009-sba-lending-down-30/comment-page-1/#comment-74 R. Morrison Thu, 10 Sep 2009 16:15:43 +0000 http://www.sbaloans.com/blog/?p=22#comment-74 No surprise here considering that the banks are just not lending money to viable American Small Businesses. We applied for a $35,000 line of credit, personally guaranteed and co-signed by one of our millionaire partners and was still denied because we have been in business for 5 years without any credit history. We have financed everything ourselves and need capital to continue and take salaries. We have viable products and customers, but that doesn't matter. Our energy saving and green products are also all MADE IN THE U.S.A., and now we have to close and lay everyone off. More business for our overseas competitor!! No surprise here considering that the banks are just not lending money to viable American Small Businesses. We applied for a $35,000 line of credit, personally guaranteed and co-signed by one of our millionaire partners and was still denied because we have been in business for 5 years without any credit history. We have financed everything ourselves and need capital to continue and take salaries. We have viable products and customers, but that doesn’t matter. Our energy saving and green products are also all MADE IN THE U.S.A., and now we have to close and lay everyone off. More business for our overseas competitor!!

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