Many small businesses are finding it tough to get a bank loan, making it difficult to move beyond the pandemic and afford the higher costs of goods and labor.
Suzan Hernandez, founder Mama P, poses for a picture in Jersey City, N.J., Tuesday, March 22, 2022. With pandemic relief money largely used up, and the cost of goods and labor the highest in years, many small businesses are seeking new financing, with mixed results. For Hernandez, finding support from community organizations was key to helping her navigate the loan process.
Pugh, co-founder of Bake Me Happy, a gluten-free bakery in Columbus, Ohio, applied for a Small Business Administration loan last July. But the process, involving a Community Development Financial Institution and a local bank, First Merchants Bank, dragged on. Todd McCracken, president of the National Small Business Association, an advocacy group, said the current loan environment could make it tougher on small businesses trying to recover from the pandemic. Their balance sheets, which banks look at to assess loan applications, were weakened during the pandemic, even if their prospects are bright.In February, big banks approved 14.7% of loan requests, down from 28.3% in February 2020. And small banks approved 20.5% of loan requests, down from 50.
Green and his business partner went to their bank seeking a loan of $50,000 to $100,000 but were told they didn’t qualify for a loan that big. Another problem: As a new business that was making money, Cache didn’t qualify for pandemic aid either. And being a manufacturer, the company needed funds in a hurry.
McMullin took out a loan with an online lender, which she called “a lifesaver at the time.” But the terms were strict with payments due weekly, and she’s had trouble paying it off.
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