Leading Long Island CPA Firm, CFO Consulting Services, Reveals Rise in Bank Loan Approvals for Small Businesses

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In response to an article published by Fox Business, Lawrence Teicher, founder of CFO Consulting Services and leading Long Island accountant, issues a statement discussing how many big banks are increasing approval rates for small business loans.

Lawrence Teicher, founder of CFO Consulting Services LLC and leading Long Island CPA, responds to an article published by Fox Business, which details how many large banks are approving more small business loans.

According to the article published by Fox Business on August 14 titled “Big-Bank Loan Approvals for SMBs Up 50%, Survey Finds,” Biz2Credit’s Small Business Lending Index report found that big bank loan approval rates have gone up over 50 percent in the past year. In July alone, big banks approved over 17 percent of loan requests, the article says.

The National Small Business Association (NSBA) released a mid-year economic report that revealed business owners are more optimistic about the economy than they have in recent years, the article explains. About 40 percent of business owners surveyed said the economy was better off than it has been in the past five years.

Lawrence Teicher, leading Long Island CPA and founder of CFO Consulting Services, says small businesses have had a hard time getting approved for loans in the past few years due to the economic crisis. “The recession hurt many small businesses and banks were unwilling to lend them funds to revive,” he says. “Banks were also suffering, so most lenders refused to approve loans for failing small businesses that had little ability to them pay back. Now, as the economy slowly pulls itself up from a drastic fall, small businesses are recovering, resulting in an increase in loan approval rates.”

Teicher says with the increase in small business rates, many small to mid-sized companies will be able to take out loans to give them some flexibility. “Now is the time for many small businesses to expand and grow,” he says. “Taking out a loan could give a business the cushion it needs to prosper and grow. However, before taking out a loan, it’s best to speak with your financial executive or CFO to determine what kind of loan your company needs and shop around for the best overall deal considering rates, term, covenants, collateral, advance rates and guarantees.”

CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.

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Scott Darrohn
CFO consulting services
since: 08/2013
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