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Small-Business Lending Is Slow to Recover – WSJ
banks rose 11% from a year earlier, according to Moody’s Analytics. July was the fourth straight month with a double-digit percentage increase, Moody’s says. April Harris says she divided her business accounts among five banks after her bank withdrew her credit line in 2008. Dustin Chambers for The Wall Street Journal In Carrollton, which has a population of 24,958, and surrounding Carroll County, though, entrepreneurs like Ms. Shirey still are wrestling with the impact of six bank failures since 2007. Those banks held more than half of deposits in the county. Loan originations in a six-county area that includes Carroll County are 40% below prerecession levels, according to PayNet. Just 13 local businesses got loans backed by the Small Business Administration in the fiscal year that ended last September, down from 25 in fiscal 2007. Tano Phommasith had a hard time getting a loan for his restaurant, Little Hawaiian, in Carrollton, Ga. ‘You would think any banker who came in for lunch and saw how busy we are would want to work with us,’ he says. Dustin Chambers for The Wall Street Journal “The ripple effects” of the local housing bust and bank failures have “lasted longer than most anybody expected,” says William Smith, chairman of the economics department at the University of West Georgia, based in Carrollton. Kathy Yates, area manager of Southern Co.’s Georgia Power unit, says weeks can go by “without a single installation” of a new electric meter at a home or business. Carroll County Chamber of Commerce President Daniel Jackson says the local economy has improved and lending policies are “loosening a bit, but we still have to look at alternative funding for our businesses.” The biggest employers in the roughly 500-square-mile county include the University of West Georgia, Tanner Medical Center and Southwire Co., a closely held maker of wire and cable with annual sales of about $5 billion.
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