Yesterday, I was contacted by a Financial Staff Writer at the LA Times. He indicated that he had been contacted by some small business owners indicating that one major bank was imposing maturity dates on longstanding lines of credit that had never had them before. He indicated that they did have high balances on the LOCs, but had never missed a payment and the demands for full repayment had created some real problems for these businesses.
Interestingly enough, I have also been contacted by small business owners on this same issue and the same bank.
Have any of you had problems like this with your bank? Who is the bank?
On November 30th, I will be testifying before the Senate Select Committee on Restoring the Middle Class. I would be interested in your thoughts on what role small business plays on this issue given that we employ almost half of the people in the private sector.
Small Business California
2311 Taraval Street
San Francisco, CA 94116