Magazine content is available exclusively for TIME subscribers.Why Banks Won't Lend
GREGORY O'DANIEL WAS READY TO play a role in getting the economy back on the road to recovery. The Pennsylvania businessman wanted to lease new machinery and hire a dozen more employees so that his two-year-old firm, Tempco USA, could boost its production of cosmetic cotton pads and facial tissues. But O'Daniel needed financing to do that, so he went to his local bank for a $300,000 line of credit. His company has an unblemished credit history and has been ringing up $600,000 in monthly sales to such customers as Wal-Mart and K Mart. Yet the bank turned him down on...
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