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It is -- still small business week and our next guest created a new website to help small business owners find banks that -- actually lend to them what a great idea.
He's here to tell us about it it is I'll -- -- CEO of multi funding which advises small business owners so.
Essentially what you do mommy thank you for being here professor is you've ranked banks on how friendly they -- with regard to loans to small businesses how how do you great -- what do you base to grade some -- Correct -- we've done is we've taken every FDA and C and should back in America look I was taken there number of some them out for small business loans that they have on their books and we've divided it by their domestic deposits to give them -- ratio.
On average they average back in America as of December 31 and then use a seven point 65%.
Of their deposits.
To mix -- hasn't yet -- -- average some are better if someone worse from.
And that's -- so now in order to get it.
Hey -- what percentage deposits have to go to small businesses.
It -- not deposits it's amount of your deposits -- use of national business loans what -- sentenced to get an 825%.
And the average -- seeing a seven point six -- -- correct wow the good news is that there are about 2500 banks in America that we -- -- -- to.
These are smaller banks community backs their banks and are focused on helping small businesses.
They -- the heroes those of the bank's small businesses and need to find in order to have the best shot at getting a loan.
But in this environment -- it's difficult to get a loan we hear it all the time access to credit is critical is it loosening up a little bit out there.
It's maybe he's just loosening up this mention loan but the reality is yet to be well organized you have a package together you some collateral.
You need some cash flow.
But the most important thing is that there's no easy loan today and you need to find a bank or lender where these loan officer in the credit officer.
Sit in the same room they work together they collaborate.
They help find a way to get the solution -- that was most important.
That's why -- most of the big banks did not get -- on the so how then July -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Where you punch in the name to your -- your city.
And we give a list of all the backs of the headquarters and the branches in your neighborhood.
Wracked by -- that we.
-- from eight down to -- -- about credit unions.
That we think credit unions are great source for small business loans as a big fight going on right now with -- credit unions and the banks.
So they're trying to get in -- be able to lend more to small businesses.
Unfortunately we can't recommend this -- because they filed different reports.
Unarmed on the -- do so it would be that comparing apples and aren't -- I but I.
We're all in favor any chance that anyone will lend to small businesses and a reasonable rate -- for -- -- quickly before we go in 2012 -- to small business lending has been falling why is that.
Now there's lots of stats out there and the reality is that some -- say it's falling some say it's rising the reality is that it's tough out there and small business need all the help they can get on the advice and the support to get -- Trying to 600 banks help them -- that's yeah -- ago there's a 25% of them a grades not -- -- have a website you can quickly www.
Banking grades dot com it was great resource on the because multi funding CEO we think some -- being -- thank you very much hits its staff has -- that's it.
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