Small Matters: Blaming banks for slow recovery is wrong -- Philly.com
The Obama administration clearly believes that a major reason the recovery is so weak is that banks, in particular our community banks, won't lend money to "creditworthy borrowers." I doubt any of the administration officials has ever made a loan or sat in a loan-committee meeting. The administration is accusing the banks of preferring to earn one-quarter percent interest on their excess reserves rather than 6 percent on a good business loan. The officials forget that although we created a lot of jobs by making bad loans in the housing boom, it ultimately led to the worst recession since the Depression. . . . keep reading about Small Business Lending
Local banks have fears and it constrains their lending. In fact, in our discussions with hundreds of local banks over the last few months, it appears as many as 60-70% of them are NOT REALLY LENDING! Combine this with the fact that the big 5 banks deny 80-90% of the applications they take in and you see the true state of money availability to the local business owner or real estate investor. You won't read that in the media – that is not what the powers-that-be want you to hear. But that is what is going on behind the scenes and like any problem, it provides an opportunity for someone. At Commercial Capital, we have resources around the country that ARE aggressively lending. If a deal is a good deal, we have resources to fund it. That includes life companies, hedge funds, conduit lending, private money AND local banks and credit unions that ARE lending. We can bring the resources of the country to the local investor or business owner and keep the money flowing to the businesses and entities that are out there making it happen. Those are the heroes that are really growing the economy. When I get a loan for that business owner, that opens up jobs and opportunities. That is what these people need.
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We can get deals closed. Our Company Mission Statement is this, "Commercial Capital brings funding sources from around the country to the local business owner and investor to help keep this economy moving!" WE ARE SERIOUS ABOUT IT.
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