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Manufacturers to banks: We need money now
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| Contributor | RP |
| Last Edited | RP May 07, 2012 09:15am |
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| Category | Commentary |
| Author | Parija Kavilanz |
| News Date | Monday, May 7, 2012 11:10:00 AM UTC0:0 |
| Description | American manufacturers say business is booming again, but many are complaining that banks aren't lending them money to ramp up production.
In a new quarterly survey of small to mid-sized manufacturers, 26% of 268 respondents cited "lack of capital to grow" as their biggest challenge at a time when they need loans to hire more workers, buy new equipment and aggressively market themselves.
Banks, aware of a domestic manufacturing resurgence, say they're willing to lend, according to a range of regional and national financial institutions CNNMoney talked to. But they are proceeding with caution, especially with loans to smaller contract manufacturers or "machine and job shops." |
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