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Small Business Spotlight: 10/11/12

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    How difficulty getting bank loans is impacting small businesses

  • Duration 2:41
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A closer look at the economy and how it's affecting.

Small businesses be able weekly -- new series called spotlight on small businesses and Thomas -- makes.

Housewares including class where -- -- -- -- -- -- different retailers across this country including Neiman Marcus.

And he joins us now at times as great happy because we talk about small business that -- -- actually talked to the small business owners and I think it's important if you that.

And and what do you think that gets brought up in conversation all the time right is health care and tax is the fiscal cliff all of these different things.

What are you watching for in the next several minds that you feel could potentially impact your business.

Exactly I mean this is still.

This business is about a year olds this month actually ends.

Right now a lot of money's going into the business and so we're fortunate enough to have a lot of tax write offs at this point but as the company grows.

We'll be having.

To worry about this a lot more probably the biggest impact for having now is that banks are not lending money and even though we.

Launched a parties Saxony amends all the big stars within a year -- a sold out.

Four times since we launched.

-- banks need to -- two years of records before they even consider it an even though we've met with ten to twelve banks.

They're just they're just not lending money right now that's so interesting because.

He talked about the credit crisis so much in the last couple years.

And now we continue to hear that that from you know consumer -- -- offer also for small businesses that loans are really tough.

-- -- what affected that time is it if you're not be able to get the loans is that -- fact you know whether or not you can hire.

What what what is really the ultimate effects of that.

Exactly that the biggest impact is that it's you know we need the money to get inventory.

-- given the orders that we're getting are well above the money that we're requesting.

And basically when we get big orders we have to put out that money until thirty to sixty days after that product is delivered.

So.

We're able to do that at this point but as the orders get larger and larger it's going to area have a bigger and bigger impact.

And also one of the reasons why we -- not not want money is that we want to have the support staff and that would help us grow inventory would help us grow.

The smaller stores because we're in the big stores like I said but the smaller stores.

They don't plan seasonally they want the product now when if we -- -- It's -- within two or three weeks.

Then they move -- to somebody else as much as they love the product it's a really interesting perspective any saints bring staffing it could mean more jobs potentially ties exactly best of luck with the business thank thank you so -- -- -- to have you patent.

Nice being here that.

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