A Boost to Business, the Economy: Chase to Increase Lending to Small Businesses in 2010
Chase has recently revealed plans to increase small business lending in 2010 by $4 billion. To handle the added business, the bank will be hiring some 325 additional bankers who will be based in Chase branches across 23 states.
Banking for Small Business Owners
One of the basics of running a business is to set up separate bank accounts to fulfill the business requirements. Some of the basic accounts that should be considered include the savings, checking, and certificate of deposit (CD) accounts. A lot of new business owners make the mistake of mingling their personal and business accounts. They erroneously believe that processing their business transactions through their personal accounts is more convenient. Over the long term, things can become more complicated. There are many reasons not to mix personal with business banking. Among these are:
Small Business Owners Cut Back
Wells Fargo released a press release (June 25 2008) on the current conditions of today's economy and how it has affected our small business owners. The survey found that the economy is affecting small business owners’ spending and savings habits. Half of the business owners surveyed said they’ve postponed a major purchase in the past three months, and nearly as many (44 percent) said they’ve reduced the amount of money they’ve deposited into savings, checking or a CD. Thirty-one percent said they have reduced the amount they have contributed to a retirement account.
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