Lack of credit forces many small business owners to finance with personal assets

Tuesday, March 1, 2011 - 15:00 in Mathematics & Economics

Small businesses are seen as an important part of the American economy. These businesses often rely heavily on loans to stay afloat. The recent economic recession has created a reduction in available credit for many small businesses, making it difficult for many businesses to operate. Tansel Yilmazer, assistant professor in the personal financial planning department in the College of Human Environmental Sciences at the University of Missouri, says that lack of available credit has forced many small business owners to use their household savings or other personal assets to support their businesses, putting their personal assets at risk.

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