“Personal sacrifice trumps debt at small businesses (Everett Herald)” plus 1 more |
| Personal sacrifice trumps debt at small businesses (Everett Herald) Posted: 23 Feb 2010 12:26 PM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. Credit cards are out. Cutting owner pay and borrowing from personal bank accounts, that's where small businesses are finding funding. That's what two groups of 500 small-business owners told researchers with the Small Business Success Index, a survey from the University of Maryland's Smith School of Business.  Among other findings, the index found that business owners moved away from credit card use this year. An initial survey in June of 2009 (wave 2) found that 39 percent of those surveyed used credit cards to finance their company and 33 percent cut their own salary. Six months later (wave 3), 46 percent had cut their own pay and 33 percent were using credit cards. The study's authors wrote: "As of December, the top two funding sources for small businesses have been cutting owner pay (46 percent did so in the past two years) and a loan from owner savings (42 percent). Usage of these two sources has grown significantly over the past six months and is now more prevalent than credit cards, bank lines and bank loans." Of course, it's worth noting that small-business owners also believe other credit sources are harder to come by.  The study found 14 percent believed business lines of credit were scarcer., and 12 percent believed credit card financing was harder to come by. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Banks May Use Payday-Style Loans to Replace Lost Overdraft Fees (Bloomberg) Posted: 23 Feb 2010 06:46 AM PST [fivefilters.org: unable to retrieve full-text content] Feb. 23 (Bloomberg) -- U.S. banks may expand their short- term lending at interest rates of 120 percent or more as they seek to replace more than $15 billion in lost revenue because of regulations limiting overdraft fees. |
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