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Main Street Hit by Credit Freeze
U.S. Chamber Works to Thaw Capital Markets
If all goes according to plan, credit markets should soon begin to unfreeze, and small businesses like Vanessa Fine Jewelry should have an easier time getting loans as the financial rescue package is implemented.
Vanessa Baugh, owner of Vanessa Fine Jewelry in Lakewood Ranch, Florida, is one of millions of business owners hurt by the credit crunch. Struggling with slower than usual summer sales and the skyrocketing costs of goods, Baugh turned to her local bank to buy Christmas inventory. She was shocked and dismayed when her bank said "No." Says Baugh, "I have had my line of credit reduced to the point that I have no cash influx for my business. Read more:. |
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