3 Tips for Landing a Small Business Loan

Matthew and Marnie Brannon, co-owners of Midwest Fiat in Columbus, Ohio borrowed $110,000 earlier this year to help them expand the vintage Italian car parts and service shop they have run for five years. The process took six months of diligent work, but the Brannons learned some valuable lessons about what it takes for small business owners to beat the odds and get funding during a downturn.

Two of their most important tactics for securing a coveted business expansion loan included making their plight known by publicizing their loan search through the press and other outlets as they were struggling through the process. They also worked on building relationships with potential funders by using contacts within their business network with ties to the banking industry. Combining different tactics helped them eventually attract investors and fulfill their dream of expansion.

Recession Briefing 5.28

What you need to know today to survive and thrive in the recession.

At a time when consumers are in a serious saving mode, why are sales of $100 yoga mats soaring? (Time)

Retailers and service technicians have long advised that it often makes sense to buy a new product rather than repair a broken one. But repairmen say many consumers are rejecting this suggestion and trying to spend as little as possible. (New York Times)

Nouriel Roubini, the famously glum economist who predicted the financial crisis, said that while the recession in the United States may well be over at the end of the year, another dip was still possible next year. (Reuters)