Business loan application marked declined
There is economic debate going around this country centered on whether the government should bail anyone out of financial difficulty or should individuals and entities be left alone and forced to suffer the consequences of their bad decisions.
Whatever political theory you aspire to or your party affiliation, almost everyone agrees that organizations and people deserve a second chance.
The Lehigh Valley added its two cents into the discussion by announcing this week, a peer review program formed by 11 lending institution, the Rising Tide Community Fund, and the Small Business Development Center at Lehigh University.
The purpose of this program will be for the 11 banks to meet bi-weekly to review recommended small business loans that they previously rejected for new or struggling businesses, with the explicit purpose of giving the other banks the opportunity to extend credit.
The only requirements for the rejected applications are that the loan amount was for $25,000 or more and the organization was in existence for two years or less.
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