Written by: Lisa Matthys
An analysis performed by Equifax Inc. shows that bankruptcies among small businesses have increased by 44% from the third quarter of 2008 to the third quarter of 2009. In September 2009, there were 9361 bankruptcy filings throughout the U.S., up from 7386 one year ago. California remains the state with the most commercial bankruptcy filings during September 2009. Other states with high small business bankruptcies include Colorado, Texas, Oregon, and Georgia. Based on the data, the East Coast (areas such as Charlotte and New York – White Plains) are experiencing an earlier recovery from the recession than the West Coast.
Because of such high bankruptcy statistics over the last year and the recent declaration of bankruptcy of major Small Business Administration-backed loans, CIT, small businesses are struggling to find loans because banks are raising lending requirements and reducing the amount of credit they are willing to extend to reduce their exposure to risk. However, all hope is not lost. There are still sources for financing but borrowers must be prepared to disclose their current financial standing, along with the past two years of financial performance. With the current economy, small business bankruptcies are expected to continue to rise, leading to higher unemployment within the United States.
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