Tuesday, November 3, 2009
Small Business Bankruptcy Filings Up 44% from Last Year
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.
Source 1
Source 2
Source 3
Subscribe to:
Post Comments (Atom)
Awesome! Its in fact remarkable piece of writing,
ReplyDeleteI have got much clear idea on the topic of from this paragraph.
Take a look at my website - sameday service appliance repair Valrico
I drop a comment when I like a article on a blog or if I have something
ReplyDeleteto add to the conversation. Usually it's a result of the passion communicated in the article I looked at. And on this post "Small Business Bankruptcy Filings Up 44% from Last Year". I was moved enough to post a thought :-P I actually do have a couple of questions for you if it's okay.
Is it only me or does it seem like some of these comments appear
as if they are left by brain dead visitors?
:-P And, if you are posting at additional places, I would like to follow everything new you have to post.
Could you make a list all of all your communal sites like your linkedin profile, Facebook page or twitter feed?
Here is my blog post - home loan mortgage mortgage refinance
What's up, after reading this awesome piece of writing i am as well delighted to share my familiarity here with colleagues.
ReplyDeleteMy weblog: mortgage loan quotes