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Small banks seem to be boosting Orlando's business climate

Access to capital is one of the most important elements to a successful business launch. If a startup has taken time and space in its business formation and planning process to seek out and acquire favorable loans and lines of credit, it is more likely to succeed than would be a business that just takes a slapdash, as-needed approach to financing.

One good thing for Orlando business owners is that it seems our area is unusually rich in the sorts of smaller banks and credit unions that typically make loans to small businesses that are more favorable than those offered by bigger, chain banks.

Furthermore, anecdotal evidence, at least, seems to indicate that these banks and credit unions are making loans at a faster pace than are financial institutions in other parts of the country.

If that is indeed the case, then it's a boon to our area. Small business are considered by many economists and business professionals to be the real engines of our economy, and if small business are finding what they need to grow and thrive here in Orlando, that bodes well for our regional economy.

Of course, financial arrangements can be complicated and they often are not easy to understand. One thing you might consider is to talk over any possible financial arrangement, like a loan agreement, with a business and commercial law attorneys. It is never a bad idea to double-check that you know what you're agreeing to before you sign anything.

Source: The Orlando Sentinel, "More of region's small banks boosting profits and loans," Richard Burnett, Sept. 9, 2012

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