World Economic Crisis Not Just U.S.; Small Family Businesses Find Help From Small Banks

Posting by Geoffrey D. Brown, CPA, Principal

I recently returned from the Family Firm Institute annual conference in London, where we had a chance to hear John Micklethwait, the Editor-in-Chief of The Economist magazine, speak about the state of the global economy. It would seem to me that despite our economic woes here at home, that the rest of the world, particularly emerging markets, is in much worse shape.

On another economic note, while in London, a Brit was telling me that they were “selling mortgages” in the local grocery store. So, while the economic crisis may have started here, I think the rest of the world was just as ripe and it could have started anywhere. “Easy money” was all over the place.

Speaking of easy money, if you’re a small family-owned business dealing with some of the local community banks, they seem to have money to lend and a willingness to lend, unlike their big national brethren.

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