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15/07/2010 -
The recession has made it difficult to small businesses to be approved for loans and lines of credit, but things are slowly looking up.Mintel Comperemedia, a company that monitors credit card offers through the mail, reports an increase in the number of offers small businesses received in the first quarter of 2010. Of 1,200 company owners surveyed, businesses received an average of 2.8 mail offers a day during this period, up from 2.3 offers in the fourth quarter of last year, Creditcards.com reports.
While Mintel Comperemedia predicted that credit card offers to small businesses would rise with the Credit CARD Act of 2009 - which enacted regulations on consumer credit cards, but not business cards - instead, it found that the number of offers increased because as the economy improved.
"The economy is a bigger issue. Let's say the CARD Act passed, but the economy was still tanking. Would banks be offering credit to small businesses? I don't think so. What's different? The economy is better," Red Gillen, a senior analyst at financial research firm Celent, told the site.
A recent report by the National Federation of Independent Businesses found that in 2009, 29 percent of business owners found some difficulties in arranging credit, however 90 percent of respondents reported that all of their credit needs had been met.
