Non bank lenders become reliable source of stated income commercial mortgage loans for Connecticut business owners despite lending freeze by banks

Commercial banks and savings institutions have been a reliable source of business financing for Connecticut’s estimated 347,600 small businesses, according to the 2007 research report by the SBA Office of Advocacy. However, the current credit freeze by banks has left many business owners in the lurch.

Fortunately, business owners have non-bank lenders as an alternative source of business financing. SmallCommercialMortgageOnline.com has a database of non-bank lenders that are able and eager to fund loans for commercial borrowers.

One of the more popular loan programs offered by our group of non-bank lenders to business owners is a stated income commercial mortgage for owner-occupied commercial property.  A business owner can qualify using their stated income and good credit to purchase or refinance a commercial building.  The loan program also allows a property owner to obtain a cash-out refinance or a line of credit to help with cash flow.

For more information, click here on stated income commercial mortgage loans.

Number of Connecticut Businesses

Of the estimated 347,600 small businesses in Connecticut, employer firms totaled 99,000 in 2006, up 1.0 percent from the previous year.  Of this total, an estimated 97.5 percent, or 96,600 were small. 

Self-employment (incorporated and unicorporated) totaled 190,400 in 2006, an increase from 180,700 in 2005.  Non-employer firms totaled 252,000 in 2005, an increase of 2.5 percent since 2004.  (Sources:  US Dept. of Labor, Employment and Training Administration; US Dept. of Commerce, Census Bureau; US Dept. of Labor, Bureau of Labor Statistics.) 

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