Greenwich Associates is a firm of researchers and consultants, located in Connecticut, that asks and answers all sorts of questions about Wall Street and corporate finance. Today they sent me the results of a survey of 560 small and medium sized companies that asked how they were getting along with their banks. (Sorry, no link is available.) Some highlights:
- 58 percent of small businesses and mid-sized companies that negotiated a new loan or refinanced an existing one reported it's harder to borrow money today than it was a year ago. (However, conditions have improved since the last survey, in September 2009.)
- 36 percent said it was "much harder to borrow."
- About half said that banks' being tight with a buck has hurt their business.
No surprise, then, that about a quarter of these customers are losing trust in their banks.