May 14, 2009

Businesses struggle as bank loans remain elusive

In January, slow sales and a dearth of creditworthy customers forced Bob Cockerham to close the third of his four auto dealerships in New Mexico. However, when his bank canceled his $200,000 credit line, cut the amount of inventory it would finance and, finally, told Cockerham to find another lender to work with, he sensed that the end was near.

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