While credit unions continue to tout having more money to lend, some still prefer to deal with existing businesses with positive cash flows and tangible assets.
According to an Intuit small business report of 35 credit unions and other lenders, most are actively seeking to provide credit to small businesses. Still, lending standards, which are not any more rigorous now than in the past, remain high. Nearly all said they have stringent underwriting criteria for granting credit.
Small businesses' use of credit cards is being significantly cut, the financial institutions said. Lenders had mixed views on the SBA's loan programs, the survey's data showed. Some found them lucrative while others said they were "a drain on their business" due to "burdensome" requirements and costs.
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