Chris Hurn
The Credit Crunch and its Impact on Small Business
Ivy Hartman: Finding the fun in your small business could be a dancing task especially in life of the recent credit crunch, our guest today is co-founder, president and CEO of one of the fastest growing companies in America Chris Hurn, welcome to sbtv.com.
Chris Hurn: Thank you.
Ivy Hartman: Thanks for being-
Chris Hurn: Thanks for having me.
Ivy Hartman: Absolutely, Chris started his business in order to help small business owners and before starting his company Chris serve as a chief financial officer for a large commercial real estate brokerage firm and he has experience in strategic as advice to small ament size businesses in order increase their process. Chris, how have you seen the credit crunch affecting small businesses?
Chris Hurn: Well, small businesses have a less access to capital they did perhaps 12 months ago. What I’m seeing happen though is I think the typical situation I think the media is blown out of proportion a little bit, when people like Warren Buffett, Jamie Diamond who’s course the CEO of JPMorgan Chase have all declared that the credit crunch is basically over. One of the anecdotal stories like to tell people is I was using a satellite radio of couple weeks ago, and on two different channels within 20 minutes, two different radio dj’s are talking about the recession. Which usually that’s to me that’s seems like it’s a pretty good indication that perhaps we’re at the bottom if that’s happen, it’s kind like the shoeshine guys giving text tax 10-years ago. So I think it’s probably about over, I think where a lot of small businesses are finding is that there’s a lot existing programs, they didn’t know we’re already out there previously that are very, very accessible, very billable, a lot of things through the small business administration for instance and the bankers are going to see folks take advantages on some of those days because it will lessen the risk to the bankers as well.
Ivy Hartman: So in being part of the media, we are seeing I think consumers are starting to feel a little bit of that recession, I think that’s where some of that’s coming from.
Chris Hurn: True.
Ivy Hartman: But the small business industry seems like its so going strong but their access to capital has it change?
Chris Hurn: It has a little bit, I mean if you look at some of the data coming out of the fed they’ve said somewhere’s upward of 70% of banks of express that they’ve tightens some of their credits. But again things like small business administration loans have not been affected by the capital crunch what so ever, their just as accessible as they always been. I think you’re going to see a trend of banks going back towards SBA lending where they haven’t perhaps in the last 5 years or so, and so that bodes well for America’s small businesses. I think it’s some you know, that the job creation is always going to be with America’s small businesses, it’s not going to come from the very large corporations in the country. And so I think it’s a temporary setback perhaps but I think it’s going to continue long term.
Ivy Hartman: Perfect, well said. We’re going to have more segments here in articles from Chris featured right here in sbtv.com. If you like more information on the things he talked about today, you can go to Chris’s website which is 504experts.com. Is that right?
Chris Hurn: Thank you.
Ivy Hartman: All right, yes absolutely keep it right here on sbtv.com where small business is our own business.
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