Struggling to obtain a loan to start or expand your Indiana small business?
Chances are, you’re not alone.
According to data from the FDIC, Indiana banks have $9.5 billion in commercial loans on the books at the end of June. However, small business loans of less than a $1 million have declined by 17 percent since 2008. According to the Indianapolis Business Journal, small business’ share of commercial loans have decreased by 10 percent.
Part of the reason Indiana business owners aren’t receiving small business loans are because they aren’t applying for them in droves, says NFIB/Indiana State Director Barbara Quandt-Underwood.
“They’re hunkering down until they have the confidence that the economy isn’t going to bite them,”Underwood told the IBJ.
