The crisis on Wall St. is the latest in a series of blows impacting our nation’s small and mid-size businesses.
The latest financial crisis is sure to result in even more stringent borrowing standards and tighter credit.
“If you’re seeking a new line of credit, [the effect] will be instantaneous,” says Andrew Zacharakis, professor of entrepreneurship at Babson College in Wellesley. Interest rates will move higher and the bank-loan approval process will be more rigorous, he predicts, in an article in today’s Wall St. Journal.
We’re sure to see a pullback in company spending and start-ups will have to look elsewhere to secure financing…
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Filed under: Babson College, Business, Finance, Metrowest, The MetWest Scene, Wellesley | Tagged: babson, business impact of wall st crisis, credit crunch, financial crisis small businesses, john prescott top wellesley real estate agent, mid-size business, small and mid-size businesses financial impact, small business, wall st crisis, Wellesley, Wellesley Real Estate |