Texas Business Lawyer

The financial crisis in the mortgage and real estate industries is sending shock waves throughout the economic sphere, making many banks leery of issuing new commercial loans, particularly to small businesses. Even with a low Federal Funds rate, approximately 1/3 of banks in the U.S. had enacted tougher commercial and industrial loans during the 4th quarter, according to a survey of senior loan officers conducted by the Federal Reserve.

The tougher standards spell difficulties for many businesses, especially smaller, privately-owned businesses, who will have to provide much more detailed and comprehensive information to qualify for loans. Industry experience has also become a large factor in loan applications. The irony of it all is that such tight-fisted loan policies will only aggravate the economic downturn.

In the current economic environment, even getting a loan can be difficult. The good news is, finding an Austin business lawyer doesn’t have to be - call the Slater & Kennon law firm at 512-472-2431 today.