Tales of Woe From Small Business Execs
Although the vast majority of small business executives had nothing to do with the financial crisis, they are among the worst impacted.
Here are a few excerpts collected by the U.S. Chamber of Commerce:
- "I have had my line of credit reduced to the point where I have no cash influx in my business. Should I mention that my line of credit was through (nearly failed) Wachovia? Now my business has been reduced to the point that we are down 60 percent from last year." -- Vanessa Baugh, Vanessa Fine Jewelry, Lakewood Ranch, Fla.
- "The lack of vehicle financing available to customers has dramatically reduced new car sales." Peter Water, CFO, Dealer Tire, Cleveland, Ohio.
- "Already expenditures have been frozen such as capital equipment and employee bonus. A hiring freeze is also now in place." A. Gregory Bachmann. President, Dymax Corporation, Torrington, Conn.
- "Unfortunately, we are having to slow down our growth plans and not take advantage of opportunities being presented to us because of the 'drying up' of bank capital markets." Rob Alley, E. Robert Alley & Associates, Nashville, Tenn.
- "Kendermusik International has been in existence for 30 years and is profitable, 100 percent employee owned. If access to the line of credit is limited or not available at all, KI will likely cease to exist." Scott Kinsey, CFO, KI.