Cleveland-based businesses see SMB lending improve

4/22/2011

Small business lending conditions are improving slowly but surely for some Cleveland, Ohio-based companies, Crain's Cleveland Business reports.

KeyCorp, one of the biggest lenders in the area, has been backed by the United States Small Business Administration so it can distribute more commercial loans. In the first quarter alone, the lender's small business sector exhibited an 11 percent growth compared to the previous year, showing that the economic recession is slowly subsiding.

"For the first time in a long time … applications and approvals are up," the source quotes Maria Coyne, head of business banking at Key, as saying. She was quick to note that many entrepreneurs are purchasing new equipment and real estate, which reflects their intent to grow and take on more clients and work.

Businesses looking to expand abroad may also want to consider investing in cloud services. By saving important files and documents in the cloud, companies can send their employees to any corner of the earth and still be just as productive, provided they have an internet connection.