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Small-business bankruptcies rise 81% in California

Posted By admin On December 28, 2009 @ 4:40 am In Money Watch | Comments Disabled

Nathan Olivarez-Giles
LA Times [1]
Monday, Dec 28th, 2009

The Obama administration’s new plan to give a boost to small businesses reflects continued trouble in that sector, which is facing new failures even as much of the nation’s economy is stabilizing.

As credit lines have shrunk and consumers have cut back on spending, thousands of small businesses have closed their doors over the last year. The plight of struggling firms has been aggravated by the reluctance of banks to lend money, said Brian Headd, an economist at the Small Business Administration’s office of advocacy.

“While bankruptcies are up, overall, small-business closures are up even more,” Headd said.

California has been particularly hard hit. The latest data show small-business bankruptcies up 81% in the state for the 12 months ended Sept. 30, compared with the previous year. Filings nationwide were up 44%, according to the credit analysis firm Equifax Inc.

The actual number of small businesses in trouble is probably higher, experts said, because many owners file for personal bankruptcy rather than seek protection for the business.

Full article here [1]

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Small business bankruptcies rise 81% in California  FOTR 340x1692 [2] 

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URLs in this post:

[1] LA Times: http://www.latimes.com/business/la-fi-smallbiz-bankruptcy22-2009dec22,0,3305684.story

[2] Buy the DVD here: http://infowars-shop.stores.yahoo.net/faofreprofba.html

[3] Commercial bankruptcies soar, reflecting widening economic woes: http://www.prisonplanet.com/commercial-bankruptcies-soar-reflecting-widening-economic-woes.html

[4] Geithner: Taxes on ‘Small Business’ Must Rise So Government Doesn’t ‘Shrink’: http://www.prisonplanet.com/geithner-taxes-on-%e2%80%98small-business%e2%80%99-must-rise-so-government-doesn%e2%80%99t-%e2%80%98shrink%e2%80%99.html

[5] Holiday Sales Slump to Force U.S. Store Closings, Bankruptcies: http://www.prisonplanet.com/holiday-sales-slump-to-force-us-store-closings-bankruptcies.html

[6] California Demands Business Insider Retract False Story On Jobless Claims Misreporting; Business Insider Refuses: http://www.prisonplanet.com/california-demands-business-insider-retract-false-story-on-jobless-claims-misreporting-business-insider-refuses.html

[7] Gallup: 61% of Small Business ‘Worried’ Over Healthcare Costs — 30% Not Hiring, Fear Going Out of Business: http://www.prisonplanet.com/gallup-61-of-small-business-%e2%80%98worried%e2%80%99-over-healthcare-costs-30-not-hiring-fear-going-out-of-business.html

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