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Small businesses owners are still hurting.
As if we didn’t know. Many small business owners are having to use personal credit cards or are using their private retirement funds to keep afloat. But maybe something is happening at the lofty levels of finance in the US: the Federal Reserve Bank.
Small businesses owners are still hurting.
As if we didn’t know. Many small business owners are having to use personal credit cards or are using their private retirement funds to keep afloat. But maybe something is happening at the lofty levels of finance in the US: the Federal Reserve Bank.
The Federal Reserve Bank is a bank just like all the banks that make up the Fed (it is not a government agency – it is a private bank owned by private banks). However, they say they are the ultimate protector of our nation’s monetary and fiscal policy, a job that used to belong to the US Congress until they decided to outsource that responsibility to the Fed back in the 30’s.
As the big gorilla in the room when it comes to the nations’ economic health, the Fed has a reputation, albeit a very tarnished one, to uphold.
Fed Chairman Supports Small Business Lending
So it was not surprising to hear the Fed Chairman say (again) that he wants the banks he helped give trillions of dollars to over the last 2 years to start lending some of it to small businesses.
The Sacramento Bee newspaper online reported on July 12th that Bernacke has “stepped up pressure Monday on banks to break the logjam and lend more to smaller firms, which employ at least half of American workers.”
The paper goes on to say that the AP recently reported that, “Big companies are building up cash and are expected to report strong earnings starting this week. Not so for small businesses that can’t get loans – or hire freely until they do.”
Small Business Job engine Running on Empty
The US job engine is still running on empty and you as a small business owner are that engine. We at this blog offer a variety of services to get your engine running again. We provide a free site analysis for small businesses as a starting point