Small Businesses Fend Off Empty Holiday Shelves
Tight credit and slow sales are putting retailers in a crunch this holiday season. Unable to finance their inventory via traditional means, CNN Money notes small businesses struggle fending off empty holiday shelves . Retailers traditionally borrow money to buy holiday inventory. But credit for small businesses has dried up this year, and with the recession slowing sales, few merchants have cash on hand. The crunch is forcing business owners to find new ways to keep running. For a handful of New York City retailers in one hard-hit stretch of Brooklyn, a small community lender is playing the role of Santa Claus. Lesia Bates Moss, president of Seedco Financial Services, noticed an ever-increasing number of vacant storefronts along Atlantic Avenue. In response, she hosted a meeting with a dozen area retailers to find out how her organization could help. One common problem the merchants cited was getting enough credit to buy sufficient holiday inventory.
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Small Businesses Fend Off Empty Holiday Shelves