“With Business Up, Owners Say Banks Lending Again”

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“With Business Up, Owners Say Banks Lending Again”
from Obama 2012 Blog
NPR reports that America’s small businesses are getting better access to loans as bank and consumer confidence continues to grow:

Jim Chesson, chief economist at the American Bankers Association, [says]: “Problem loans are being quickly put behind the industry. They have the deposits to be able to make loans, and the real issue is, is there [are] creditworthy businesses that are able to borrow now and willing to borrow.”

Craig Carrel’s company Team 1 Plastics, based in Albion, Michigan, is one such firm. “Business is great right now, the best it’s been since the fall of ‘08,” he says.

Team 1 Plastics makes injection-molded components that show up in vehicles produced by the Big Three U.S. auto companies, and Japanese and German car makers, too. The recovery of the auto industry has boosted business so much that Team 1 asked Bank of America to boost the line of credit it uses to finance its operations. Carrel says the request has been tentatively approved along with a loan for some new equipment.

“I think we have a good story, and I think part of what helped us for additional credit is the bright outlook, especially in automotive,” he says.

http://www.barackobama.com/news/did-you ... ding-again