Overseas Lending-Jobs are not the only thing going overseas

Many who follow politics may have heard of the desire of the Obama Administration to create a separate entity to dispense loans to small businesses.  It is believed that the requirements needed to secure financing form traditional institutions are manipulated and controlled which does not provide an even playing field for those seeking capital.  What may be required to secure a loan for Motorola Inc is not what is required to secure a loan for Joe’s Bakery.

I must say that I agree especially considering the recent comments made by one of those banks which taxpayers in America help to bailout.  “We feel it is time to focus on developing our business in areas where we have the opportunity to capture more market share,” Peter Hall, global head of investment-grade syndicated capital markets with Bank of America Merrill Lynch, said in an interview.  “Loan demand in the U.S. is still quite weak, so if they can find creditworthy borrowers overseas, it does make sense to expand lending outside of the U.S.,” said Gary Townsend, president of Hill-Townsend Capital, a Chevy Chase, Maryland- based investment firm with $60 million of holdings in financial companies.”  American lenders have increased their lending not here at home where it could create jobs and help out our economy but overseas where the see a bigger advantage and therefore a bigger profit margin.  These are same lenders that may have gone broke had not been for American taxpayers intervention.

It is well known and documented that American ingenuity is the best around but remaining at the mercy of those who seem to believe that there are not billions of small business owners begging for loans or that we are not creditworthy leaves little to the imagination as to why there is still such a high unemployment rate.  There is plenty of opportunity to grab a significant share of the lending market but it comes from those who may not have stellar credit but a solid business plan and the experience it will take to turn their dreams into reality.  These home-grown innovators and inventors could not only design, build and produce cutting edge technology but strengthen and maintain the meaning of “Made in America”.   Increasing the lending here at home will not only increase those institutions bottom line but also this nation’s.