Small business lending is picking up, Federal Reserve Governor Elizabeth Duke told CNBC – giving entrepreneurs and small business owners the credit they need to start an LLC.
She told the news provider that banks are slowly eliminating their collection problems, and are adding new loans as the economy recovers and business confidence continues to grow. She also said that the Federal Reserve has had more than 40 meetings about the topic, and is continuing to do whatever it can to spur further lending.
Duke added that many banks are also reviewing loan applications that may have been rejected for promising business opportunities.
“Banks are trying to dig deeper than purely credit scores,” she told the network. “They are looking at cash flows. They’re looking at prospects.”
Business leaders are increasingly confident about the future of the economy. Recent index data from Vistage representing more than 1,600 CEOs from small and medium-sized companies found that just 15 percent expected the economy to worsen over the next year – the index’s sixth straight quarter of improvement.
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