Fed Chairman Ben Bernanke Comments on Small Business

Even though there are improvements within the financial industry, credit still remains tight for small businesses, said Fed Chairman Ben Bernanke in his economic outlook today. Viewed positively by the stock market, his outlook had no indication of interest rate hikes in the near term. But the Fed chief referred to formidable headwinds that are keeping the recovery from moving faster.

As far as the job market, it still remains weak, but it is no longer contracting at the pace seen in 2008 and earlier in 2009. The Fed has been working to re-start the market for asset-backed securities including those that finance auto loans, credit cards, small business and student loans, and commercial real estate loans.

What all this means is that small businesses will need to continue to be creative when finding funding to grow or stay afloat into the new year of 2010. Invoice factoring is one such tactic.

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