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Wednesday, November 29, 2023

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NewsAmerican companies are facing the worst credit crunch in 10 years

American companies are facing the worst credit crunch in 10 years

Small businesses in the United States of America are facing a credit crisis that they have not seen in ten years, due to the difficulty in obtaining soft loans from banks and financial institutions. The National Federation of Independent Businesses in the United States stated, in a report published today, that small companies had more difficulties in obtaining loans after the collapse of several banks in the country, including Silicon Valley Bank, indicating that 9 percent of small business owners who borrow constantly. Unlike three months ago, they are having difficulty obtaining loans. He pointed out that this ratio is the highest since December 2012, expecting more pressures in the field of borrowing during the next three months, to reach its worst levels in nearly ten years. In a related context, Bill Dankelberg, chief economist at the federation, said in a statement that the owners of small projects feel pessimistic about future economic conditions due to the great uncertainties that hover over the coming period, pointing out that "The most urgent concern now is related to the possibility of the situation developing towards a banking crisis". It is noteworthy that the collapse of four US banks, including SVB Bank and Signature Bank, during the month of March, prompted many banks and banks to tighten the conditions for providing loans to companies, which made it more difficult for small companies to obtain loans, at the same time. With already difficult financial conditions after US interest rates increased at a rapid pace over the past months.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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