Oregon’s small businesses worry as the credit card industry hits a bumpy road.
Small businesses – which make up 98 percent of Oregon’s employers – are getting anxious as credit lines are being cut and others are teetering on the edge.
Pennsylvania-based Advanta closed its accounts to new charges on May 30 in a last-ditch attempt to preserve cash to cover increasing losses on loans to small businesses…
That kind of sudden loss of credit — from credit cards or bank lines of credit — has become a major worry for small businesses in Oregon and across the nation, said Jenna Kaluza, state director for the National Federation of Independent Business. “Credit lines that businesses have always had are being cut down. They’re having a hard time qualifying for loans even though they’ve always qualified for them in the past.”
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