Several reports in the last few weeks indicate the credit crunch may be easing. Banks may be making loans again after too many months of sitting on their vaults.
For way too long creditworthy small businesses have had a difficult time getting the financing they need to grow and create jobs.
If reports of an easing credit crunch are true, it’s about time. Now, if we can convice the big business to start spending some of the record profits they’ve been hoarding, we might see a real dent in the jobless rate.
WSJ’s Marketbeat blog: Shocker!: Banks are starting to lend again
Financing is tight these days, but the Tennessee Rural Opportunity Fund is finding a way to get money into the hands of small businesses.
The fund — a public-private partnership — recently received the 2010 National Community Reinvestment Award from the Federal Financial Institutions Examination Council.
The partnership includes the state of Tennessee, members of the Tennessee Bankers Association and Southeast Community Capital Corp., a Nashville based lender.
Since its start in 2007, 44 small, minority- and women-owned businesses have received more than $9 million through the fund.