December 17, 2024 - 12:44

In 2023, small business and small farm loans experienced a notable decline as a result of increased interest rates and stricter lending standards. Three federal banking agencies have reported that the tightening of credit conditions has made it more challenging for entrepreneurs and farmers to secure financing.
The rise in interest rates, a response to ongoing economic pressures, has led to higher borrowing costs, further discouraging potential borrowers. As financial institutions become more cautious in their lending practices, many small businesses are finding it difficult to meet the more stringent requirements now in place.
This shift in the lending landscape poses significant challenges for small enterprises that rely on loans for growth and operational stability. The decrease in available credit could hinder innovation and expansion efforts within this vital sector of the economy. As the year progresses, stakeholders in the small business community are closely monitoring these trends, hoping for a potential easing of conditions in the future.
May 13, 2026 - 19:34
J&J launches Shockwave Medical’s next-generation coronary IVL catheterJohnson & Johnson has launched the Shockwave C2 Aero Coronary IVL Catheter, a new device designed to treat hardened coronary artery blockages. The catheter represents the next step in intravascular...
May 13, 2026 - 10:56
Las Vegas tourism agency approves spending up to $464M on marketing cityThe Las Vegas Convention and Visitors Authority board has given the green light for spending up to $464 million on marketing the city. The decision came during a board meeting where directors...
May 12, 2026 - 20:56
Small business owners 'increasingly pessimistic,' squeezed by higher costs, labor concernsOptimism among small business owners showed no improvement last month, with a key index remaining stuck below its long-term average for the second consecutive month. The National Federation of...
May 12, 2026 - 11:40
Oakland County water main break causes business closuresA major water main break in Oakland County has left a stretch of local businesses scrambling, with closures that have puzzled both owners and customers. While it makes sense that restaurants, which...