While many "Wall Street" firms are now able to
access credit markets,
"Main Street" businesses continue to have difficulty
obtaining bank financing.
Consider Factoring as an alternative until banks are
again lending to "Main Street" businesses.
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Wall Street Soars Above Main Street
Wall Street is back but Main Street isn't enjoying much of a recovery. Employers are still shedding jobs, producing
profits by cutting costs rather than increasing sales. The official unemployment rate is at 9.8% and widely expected
to cross 10% before turning down. Raises are scarce for those with jobs.
"There is as large a disjunction as I can recall in the recent return to good fortune for many in the financial sector
and the fortunes of the American middle class," Lawrence Summers, the president's economic adviser, said last
week. "On Wall Street, one hears talk of a return to profitability, the end of recession and the need for 'exit
strategies.' I can assure you that on Main Street, with still-rising unemployment, it is a very different
conversation."
The latest earnings reports from big banks show these financial headwinds at work. Banks are making money --
but not by lending to businesses too small to go to the bond market. They're making money largely by trading and
enjoying a run-up in their mark-to-market portfolios.
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For More Information on Factoring Contact:
Chris Lehnes
203-664-1535
clehnes@VersantFunding.com