The growing banking crisis has small business owners concerned their lines of credit could be canceled as elevated interest rates further diminish loans in the financial sector.
Molly Day, vice president of public affairs with the National Small Business Association (NSBA), said, “These firms are justifiably concerned about the security of their finances, particularly following the collapse of Silicon Valley Bank.”
JAMIE DIMON WARNS BANKING CRISIS IS NOT OVER
“They’ve been through it all before, credit lines being called in early, loans being reduced,” she added. “It was a nightmare then, and it would be a nightmare again today, but unlike large businesses that can absorb financial fluctuations, small businesses are often seen as risky and have little recourse.”