MRAA: Small businesses are seeking online loans

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The Marine Retailers Association of America says an increasing number of small businesses are using online loan companies to finance operations and acquisitions.

The MRAA says overall lending dropped 7.5 percent in 2009, according to the Federal Deposit Insurance Corporation. That’s the largest decline since 1942.

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4 comments on “MRAA: Small businesses are seeking online loans

  1. Chris Foster

    It’s a sad commentary that our financial system in America has come to this. Gone are the days when a local banker knew his customers and actually had a relationship with them and their businesses. Instead of loaning money to qualified business pursuits which create jobs and strengthen their local economies, the banks now prefer to engage in financial engineering spending their time speculating on derivative based investments which produce no tangible good. It is truly a disgrace that honest, productive small businessmen have been  forced to go to the internet to secure the credit they so desperately need to operate their businesses. Our banks have not only become too big to fail, but too big to function. Shame on our financial system for allowing this to happen.

  2. Ray Kraft

    Once again,the banks are the dishonest group. Look at the news this past weekend in New York. Another dishonest bank. As for SBA,that govenment item should be closed as they do nothing for small business and we pay for them to be in business. This whole industry is in big trouble. Who can get loans for boats??? Ray Kraft     WWW Boat Services Sandusky Ohio.

  3. edward the sailmaker mc carthy

    I have to agree with “…to big to function.”  I wish the national news media would adopt that phrase in their reporting !

  4. Rabil & Associates,

    True, this economic downturn has forced small business to seek other alternative financing.   I have seen many cycles in both the Marine and RV industries which have benefited some of the biggest banks in the world by lending to and supporting the industry that they “milked” when the times were good, and “dumped” when the times were tough.  That is not to say that all banks have exited, because there are still some smart bankers left who know the value of long term relationships and do the right thing.
    Currently, I am assisting small business owners with an alternative fnancing arrangement which could assist them with working capital up to $100,000.  Feel free to contact me at the email address below for further information.
    Best Regards, and smooth sailing!
    T. Rabil
    Rabil & Associates

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