Need a Loan? Don't Give Up

One of the problems paving and pavement maintenance contractors have faced for the last few years is the overreaction of lending institutions which tightened credit to an unreasonable degree. Ask many contractors and just about any manufacturer or supplier and you'll hear a story of at least one instance where a credible contractor was denied a purchase or line of credit simply because a bank was being too restrictive in its lending requirements. Well, it's probably too soon to make any definitive judgments, but those days might be moving behind us. According to a survey by the Federal Reserve Board, many banks have already loosened their lending requirements and that might signal a trend that this industry -- and the whole economy -- could really use.