The Federal Reserve is planning a forum for next week to discuss how to give entrepreneurs increased access to small business loans to help them start a corporation.
Small business leaders, banks and trade organizations will be among the many groups present at the July 12 meeting. The Federal Reserve has also hosted a number of smaller, regional meetings regarding the issue.
While many business owners have complained that the credit markets are tight, some financial institutions have responded by saying that demand for small business loans is down, the Associated Press Reports. Reserve chairman Ben Bernanke has said that it has become difficult to tell which situation is more to blame.
Lawmakers had hoped to pass a bill containing a number of small business measures before the July 4 holiday, but the Senate has yet to vote on it.
Many small business owners who have been rejected for a bank loan are now turning to unconventional sources of financing. Earlier this week, Sam’s Club – a division of Wal-Mart – announced it would be starting a new small business loan program that would give discounted rates to members of the store.
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