Credit market still not thawed for LI businesses
Despite billions of dollars in bailout money from Washington, President Barack Obama says banks are still not lending at pre-recession levels, which has some Long Island businesses continuing to struggle.
Charley Razenson, who owns a business in Bethpage, says his bank has been good about giving him a line of credit to keep the lights on and his doors open. However, he says he?s looking to expand his business and has found the loan market is still pretty frozen.
Long Island Association economist Pearl Kamer says today's lending climate is the way it used to be years ago. "We have returned to normal lending standards from a period of loose lending standards,? she says.
The Wall Street Journal reports the biggest recipients of taxpayer aid made or refinanced 23 percent fewer loans in February than they did in October, when the Troubled Assets Relief Program (TARP) started.