In the olden days of the digital photo frame business, when there services were still a novelty and shoppers were highly flushed up with cash, getting a bank loan to manufacture them was a cinch, But like many other business dealers, ‘Mr. Levy’ saw many prospects has change drastically in year 2008 as the financial crisis unfolded him. There was a Sharper Image and with several other top customers filed for bankruptcy.
Services named as Hartsko Financial Services which provides short term credit to small and midsize companies that sell everything from olive oil to women’s sandals. In the last year or so, companies have been defending a path to Hartsko, and to other businesses just like it ever if the loans are vastly more expensive than traditional ones from banks. Just as the credit funding has pushed some consumers to an unconventional source of funding like pawn based shops and different payday lenders schemes, a constriction in traditional bank is lending to businesses which has benefited one of the companies like Hartsko services.
Small business owners declared banks routinely reject applications for loans that were readily available just two years ago. In addition, many faced the limits on their credit cards have been cut as banks seek to limit their risk amid the economic turmoil. To help to ease the indulging situation, President Obama, in his State of the Union address on Wednesday, proposed giving $30 billion to community banks to make loans to small business.
