SBA 7(a) Loans Down 18% vs. Year Ago

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The Small Business Administration backed about 40,000 of its 7(a) loans in the first quarter of 2008, down 18% from the same period one year earlier. The drop off in the SBA’s express loan program was even greater, at 30%. Eric Zarnikow, associate administrator for capital access at the SBA attributes the decline to a “weaker economy.” Congresswomen Nydia Velazquez (D-NY), chairwoman of the House Small Business Committee, disagrees, saying the SBA’s declining loan volume can’t be attributed entirely to the bad economy. Says Velazquez, “it is important to remember the SBA’s loan program was created to kick in during tough times.”

SBA 7(a) Loans Down 18% vs. Year Ago

/in /by

The Small Business Administration backed about 40,000 of its 7(a) loans in the first quarter of 2008, down 18% from the same period one year earlier. The drop off in the SBA’s express loan program was even greater, at 30%. Eric Zarnikow, associate administrator for capital access at the SBA attributes the decline to a “weaker economy.” Congresswomen Nydia Velazquez (D-NY), chairwoman of the House Small Business Committee, disagrees, saying the SBA’s declining loan volume can’t be attributed entirely to the bad economy. Says Velazquez, “it is important to remember the SBA’s loan program was created to kick in during tough times.”

Restaurant and Bar sales down 19% in Bisbee

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Bisbee, Arizona, located 90 miles from any major highway, started feeling the pinch from higher gas prices at the end of 2007. “Business Week” reported that while the 130-year-old mining town had 58,000 visitors in 2007, up 16% from 2006, restaurant and bar sales were down 19% in December. According to Wikipedia, Bisbee was featured in the 1957 film “3:10 to Yuma,” as well as its 2007 remake.

Consumer Sentiment Drops to 28 Year Low

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Consumers’ sentiment dropped to a 28-year low in early May of 2008, as reflected by the 59.5 University of Michigan index. Survey Director Richard Curtin told “Forbes” that “all of the the early May decline was among households with incomes below $75,000.” According to Curtin, “record number of consumers… (9 out of 10)… said the economy is in a recession.”

Consumer Sentiment Drops to 28 Year Low

/in /by

Consumers’ sentiment dropped to a 28-year low in early May of 2008, as reflected by the 59.5 University of Michigan index. Survey Director Richard Curtin told “Forbes” that “all of the the early May decline was among households with incomes below $75,000.” According to Curtin, “record number of consumers… (9 out of 10)… said the economy is in a recession.”