I was gone to MN for three weeks (kayaking/camping) and on my drive home, there were seven small shops closed with “for sale” signs in front of their shops for the 15 or so miles from the State line to my house. I later learned that the banks have been calling in their loans on businesses. My auto repair shop also closed because the bank called in its loan. I’m upset because I’d finally located a repair shop I could trust.
Small business owners will have to learn to finance their businesses without bank loans— which means being resourceful, creative, savvy, and willing to grow incrementally. Attending to industry-specific strategies that maximize cash flow, above all else, is paramount. It’s a brave new world in sm bus operational mgt! I’ve never in over 17 yrs taken out a bank/sm bus loan and I certainly never will.