Credit Lines Dry Up for Auto Dealers

To help ailing auto dealers, the Small Business Administration launched new loan offerings -- but so far, few banks are playing along.
NEW YORK -- Most small businesses are having trouble finding loans and credit lines these days, but auto dealers are in their own special financing hell. Recognizing that dealers need help, the Small Business Administration began rolling out new programs tailored for them. A pilot project launched in July to back inventory loans to auto dealers has so far approved just one loan, according to the SBA. Doug Greenhaus, a spokesman from the National Automobile Dealers Association, is frustrated that lenders are blackballing the entire auto industry and refusing to evaluate specific businesses on their own merits.
Source: CNNMoney.com