CIT A 'Wake-Up Call' for small businesses
CIT A 'Wake-Up Call' For Small Businesses
The troubles at CIT Group Inc., a key…
Georgia
(Jul 22, 2009) —
Publication
Link To Article
http://online.wsj.com/article/SB124820127916869217.htmlCIT A 'Wake-Up Call' For Small Businesses
The troubles at
CIT Group Inc., a key lender to small businesses, underscore the importance of developing back-up
plans for borrowing. CIT's financial struggles, which have sent manufacturers and
retailers scrambling for alternative sources of credit since they came to light,
are a stark reminder for all small business owners not to put all their eggs in one
borrowing-basket. If they haven't already, entrepreneurs should be considering loans
from credit unions and exploring financing programs backed by the federal or local
governments … Leveraging relationships with other, successful small businesses can
help.
"You get them to call their banker. That way, they aren't just saying 'no' to you,
but they have to say 'no' to a valuable existing client," says Joseph H. Astrachan,
executive director of the Cox Family Enterprise Center at Kennesaw State University
in Georgia.
A leader in innovative teaching and learning, Kennesaw State University offers undergraduate, graduate and doctoral degrees to its nearly 43,000 students. With 11 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the country and the world. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status. For more information, visit kennesaw.edu.
