Small-business lending is down not because of a shortage of funds, but because weak demand is keeping companies from expanding or hiring, writes NFIB Chief Economist William Dunkelberg. "In short, there are far fewer firms looking for credit these days, there is money to be lent, but a shortage of eligible borrowers." He also writes that we should stop comparing the current environment to 2006 and 2007, which he describes as "a period of credit excesses."

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