Now that the much-debated debt ceiling deal is law, we need to reflect on a major problem affecting a vitally important component of the economy. Small businesses are struggling to secure financing. And lack of financing has led to layoffs and termination of employees. The Federal Reserve’s actions have caused the prime rate to reach 8.25 percent. As a result, small businesses are desperately seeking access to capital. Banks are rationing credit by raising their lending standards, restricting funds to many small firms. When loans are available, they are in the double digits — in some instances, more than twice the...

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