October November December Business Guide to Banking How to get a business loan in today s economy. By Margaret Kaeter Even the most stable businesses need additional funds to survive in today s quicksilver-fast, ferociously competitive marketplace. And whether companies are looking to expand, update technology, or simply cover expenses during uncertain cash-flow periods, bankers are anxious to help.
Businesses can shop for loans to get the best terms.
Jim Vathing, senior vice president of Park National Bank in St. Louis Park, agrees. There are a lot of new banks in town, which tends to make borrowing favorable as well. New federal legislation also has relaxed rules about what types of companies can make business loans. It s much more competitive, so it keeps us on our toes. In fact, some experts are concerned that the lending market is so competitive that lenders are making it a little too easy to borrow money today.