The climate of small businesses

The Director of the North Carolina Small Business Association spoke to area business owners Wednesday.

The session focused on the American Recovery and Reinvestment Act which aims to jump start the economy.

One of the problems many small businesses face now is finding investment capital. Many lenders have reverted back to the traditional way of lending money.

That’s why small businesses are encouraged to come up with a repayment plan, to convince lenders their money will be used wisely.

“Understand that the bar is much higher to obtain financing than it was say a year ago. So any small business looking for financing needs to be totally prepared,” said Lee Cornelison of the US Small business Administration.

First impressions count too when borrowers approach lenders. Cornelison says know your business plan front and back to show the lender you are informed.