According to the Federal Reserve's Senior Loan Officer Opinion Survey released on Monday, US banks will be tightening approval guidelines (if they haven’t already).
Those surveyed expect a continued tightening of credit standards for the remainder of 2023, especially considering the current economic forecasts.
Small businesses of course have been disproportionately affected by these pullbacks.
Nearly ½ of all banks surveyed expect their approval percentages to go down. The good news is that there are always options.
There are always banks actively lending, in all markets - It just may not be your bank that is actively lending in your particular space.
By leveraging dozens and dozens of wholesale relationships, an experienced commercial brokerage can assist you in navigating these uncertain waters.
They may even lead you back to your current bank, or maybe one you've never heard of.
Either way, it's great to have options...and hope.
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