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More grim credit news from the Fed

The Fed released its quarterly survey of senior loan officers (PDF) yesterday. The news is not good for small business borrowers: 65 percent of banks surveyed tightened their lending standards for small firms in the past three months. That’s up from 52 percent in the Fed’s April survey.

Many also tightened the cost of credit lines, raised interest spreads on loans, and raised premiums on risky loans. Banks cited economic uncertainty and lower tolerance of risk among other factors for tighter credit.

Bottom line: fewer loans for small companies at higher costs.

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