Strong Banking Relationships Help La’s Regional Economy, Says Banking Executive (video)

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The CEO of Banc of California, Steve Sugarman, told me during an interview that the recent credit crisis changed the banking industry in Southern California. Traditional Lending’s Disadvantages “Small business owners had access to about a dozen regional banks with assets between 5 billion dollars and 20 billion dollars and those are gone.” He said a lack of lending impedes the economic recovery regionally and in the state. “The credit crisis impacted the finances of all businesses. Banks who take a formulaic view of credit force companies who had previously struggled to work hard for 3 to 5 years to get clean and that means a lot of businesses have been shut out from loans. Traditional financing has shut them out.” Flexible Capital’s Advantages Wells Fargo provides more small business loans than any institution in California, but Steve said a bank that’s capitalized with more than 20 billion dollars is too large to provide personalized services.
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