Alternative sources serve small business during credit crunch

01/27/2010 | Entrepreneur magazine

As banks pull back -- suddenly, in many cases -- credit lines for small businesses, the companies have little recourse. Alternatives include credit unions, community banks, borrowing against purchase orders and factoring services, many of which are stepping up small-business lending in this environment. "Throughout the country, credit unions are increasing their small-business lending capacity," said William Beardsley, president of the Michigan Business Connection, an organization that manages commercial-loan programs for Michigan credit unions.

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