2.
Re: Forum Members: Has the credit crisis hurt your business? Oct 7, 2008 12:12 PM
Being in a "tourist area", the gas prices have definitely been an issue. In addition, we noticed through the summer that more people spent cash on their purchases, not credit which tells me they were either maxed out or simply put the cards away. If they could not pay cash, they did not buy!
My equity line from IndyMac was frozen because of dropping home values. It's ironic that I not only make a mortgage payment to IndyMac, but as a taxpayer, I'm paying to bail them out!!!!!!
Looking for expansion capital for my retail shop, most roads have lead to dead ends. Bank of America, which has been my bank (through mergers, takeovers, etc.) for almost 30 years, is not lending to anyone and have been advised to steer most business customers to their credit card program for funds. I find it somewhat amusing that Bank of America sponsors this business web site that is filled with desperate present or future enterpreneurs looking for funds for which Bank of America will not even give a look.
Unfortunately, I do not see things improving for a long while. In the mean time, small business, which is the back bone of this country will continue to suffer as more retailers, manufacturers, restaurants, etc. close. I hope I am wrong.
