NEW YORK — Borrowing money has never been easy for many small businesses, especially when they’re in the startup stage. It’s gotten even tougher in the aftermath of the mortgage and credit crisis, with lenders more worried about taking on the risks associated with business loans.
Glen Boehmer has owned a printing company for more than 20 years, and taken out a number of mortgages and lines of credit over the years. His company, Sentinel Printing Co., in Hempstead, N.Y., has a good track record but he said of his latest trip to the bank, "it’s been a challenge this time." Boehmer applied for a $1 million loan before the credit crisis began last summer.
"We seemed to get to September and it just became very complicated, more paperwork all the time," he said. "It was almost like they didn’t believe the information we were sending in.
The loan finally closed last month, with the terms having changed from what Boehmer originally expected to get. "All told, it was over a year that this was on the table," he said.
Raising capital, whether it’s from bank loans or investors, has long been a hurdle for small business owners. Many people starting companies dip into personal credit cards, home equity or retirement funds to get their enterprises going. If they get loans, the money often comes from family or friends. And even after they’ve been in business for some time, loans can still be hard to get.
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