Officials don’t know how significant the repercussions of recent bank failures will be as they convene on Tuesday and Wednesday
will hamper the economy. But a recent survey of banking conditions from the Dallas Fed was bleak.March 21-29, just after the SVB meltdown, pointed to “waning consumer confidence from recent financial instability as a concern.”
was told that banks rarely lent out to new companies, and to come back after the first few years. But that timeline keeps getting longer, and lately, banks are turning him down for not having an established line of credit or enough sources of income.A loan of $20,000 to $50,000 would help him buy new equipment and build a cushion for leaner months. He’s got about 20 employees and is afraid to grow his business in Duluth, Ga., in such an uncertain environment.
Marcella feels confident that his maintenance business, Apex One-51, is on good footing, and that his $2 million line of credit with a midsize bank is safe. But he worries that some fresh wave of panic could spill over and contaminate his otherwise-stable situation.
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