Worth a read: How CircleUp Is Filling The Void Left By Banks That Won’t Lend To Small Business

Worth a read: How CircleUp Is Filling The Void Left By Banks That Won’t Lend To Small Business

I ran across this article today – don’t you love seeing people solving problems, creating new models and causing upheaval?  Kiva.org, Indigogo, Grameen America… These are some of the ones that come to my mind. (And all of these are individual people, groups, getting together voluntarily, whether they are non-profits, for profits. Government solutions would take years and would be bureaucratic before they even started. It’s the voluntary sector, the ‘freer’ market that allow problems to be solved ultimately. More pressure to replace what no longer works!)

Here’s a quote from the Forbes piece: 

“No banks want to give a company like mine a loan – we’ve got great growth rates but profitability’s not there yet,” he says. “They have a box and we don’t fit into it.”

In fact, big banks approved less than a fifth of all requests for small-business loans they received in January. Small banks approved about half of applicants, according to a survey by Biz2Credit, an online platform that matches businesses and lenders.

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