Chapel Hill, NC (PRWEB) July 15, 2013
As a seasoned financial industry professional, Peter Lee Coker Chapel Hill NC resident, has witnessed many major changes in the American economy that have impacted business growth. According to Coker, the country’s recent attention and renewed respect of small business has proven to be one of those significant trends. Now, emerging reports on small business lending and financing reveal that many professionals in this sector are beginning to find new opportunities for growth.
Peter Lee Coker, Chapel Hill, business development professional points to a recent article from Fox Business that highlights this trend. The article states, “As the first half of 2013 comes to a close, the small business lending picture looks better than it has at any time since the Great Recession.” Coker notes that this observation may lead many to think relaxed lending policies are mostly due to improved small business performance. However, the improved financing conditions have much more to do with the economy than improved popularity of small business.
Fox Business reveals, “Big banks have become increasingly aggressive in small business lending. With the housing market still stagnant, the small business lending market is their best bet for making loans. If banks don't make loans, they don't make money. After a few years of sitting on the sidelines and watching smaller banks, credit unions and alternative lenders gain market share, they have reemerged as strong players.”
As far as specific performance data goes, Fox cites the most recent Biz2Credit Small Business Lending Index which states, “Small business loan approvals by big banks rose in May to a new high of 17.3 percent, the highest level in more than two years. While this figure pales in comparison to halcyon days of the mid 2000s when approval rates were near 50 percent, the number represents a 70 percent increase over the 10.2 percent figure in May 2012.”
Although the improvement of small business lending opportunities has more to do with the banking industry than small business in general, Peter Lee Coker of Chapel Hill, NC believes there is still a heavy advantage for entrepreneurs—the heightened competition among banks. According to Fox Business, “A number of large financial institutions still are not set up for online small business loan applications. However, this is changing rapidly. TD Bank, Sovereign, CitiBank and Bank of America are aggressively competing to do deals in the SMB space.”
Additionally the article reveals that, “Large banks have advantages in name recognition, manpower and financial resources,” whereas “Small banks are approving nearly half the small business loan requests they receive.”
“With the steady improvement of the economy, many more banks will enter into the small business lending field. During these initial years of transition, there is likely to be more competition between banks, so small business owners should make sure to carefully research options in order to choose the best financing solution for future development,” Peter Lee Coker, Chapel Hill, NC financial professional, concludes.
Peter Lee Coker Chapel Hill NC professional, has developed a solid career in the financial industry and has collected more than 40 years’ worth of experience in the field. Having excelled in many positions, Peter Lee Coker has accrued wide-ranging business acumen. Today, this award-winning professional assists both domestic and international clients in a variety of projects, typically geared towards business development and financial management.