GRAND RAPIDS, Mich. (WOOD) - The first comprehensive examination of small business lending practices confirms that small business owners are frustrated and gloomy.
Specifically, the Michigan Economic Development Corporation study shows the owners are frustrated with bank lending practices and think the business climate in the state is bad for them.
But the study, conducted by two independent firms, shows small business loans in the state are actually at an appropriate level compared to other states, and that banks do appear to aggressively pursue and make those loans.
Traditional banks are not as likely to make loans to emerging industries like life sciences, though. The study suggest the state needs more niche banks and risk capital institutions.
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