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Article: Billions in aid to banks not reaching many seeking loans ; Lending giants tough on small-business owners
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 2, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Last month, Tim Burr needed $35,000 to boost his small software
company, so he applied for loans at Bank of America and Citibank,
both of which took billions of dollars in government bailout funds
intended to spur lending and lift the economy out of a recession.
They turned him down.
"I thought, `I can't believe this!' These programs are supposed
to help small business during tough times," said Burr, chief
executive of Scopic Software in Rutland. "They were no help
whatsoever."
Now he has taken another route - seeking approval for a Small
Business Administration loan from Middlesex Community Savings Bank,
a 31-branch bank that did not receive bailout money.
Like Burr's, many small ...