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2009-12-16 cnn
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Andy Shallal has a rare story in tough economic times: his businesses, bookstore restaurants around Washington, are thriving.
Washington is a political town, it's a literary town. It's a town that really needs this kind of a place, and I think it's been very successful because of that.
Shallal is looking to expand and add about 40 employees. But despite good business, the economy is still holding him back. He can't get a loan.
I am a growing business. I have a track record. I've been in this business for a long time. I have good assets, great cash flow, great credit, and yet, I still have a hard time trying to get enough money to be able to grow my business.
The harsh reality many small businesses face, and something President Obama is now promising to tackle. White House officials tell cnn Mr. Obama will meet Monday with chief executives of some of the nation's biggest banks, including Citigroup, Wells Fargo and Bank of America. His message...
Look, you have a responsibility now -- now that we have pulled you back from the brink -- to help make sure that Main Street is actually getting the kinds of loans that it needs.
But the banks say it's much more complicated than that at a time when Congress is considering sweeping changes to the banking regulatory system. Scott Talbott represents some of the country's largest financial firms.
Banks are lending to small businesses, but there are two challenges here. One is the small business aren't borrowing as much as they used to. They're holding back. Second of all, you've seen an increase or a tightening of the credit standards. So, banks are cautious now about lending in terms of who are the borrowers. We're looking to make good, solid loans.
