Personal Loans Alabama

Soldiers grill Fed chief on economy

Michael Pastelak has managed to fight in Afghanistan, flying Black Hawk helicopters for the Army, and run a successful small business - all at the same time.

But when it came to financing the expansion of his business, which he and his wife Rebecca recently relocated to El Paso, he had to give up.

While many small businesses are struggling to get loans more than two years after the recession ended, what's different about Pastelak's case is he was able to take his problem to the very top, Federal Reserve chairman Ben Bernanke.

On Thursday, Bernanke broke new ground in his effort to open up the Federal Reserve, offering financial advice to soldiers at a town hall event held at Fort Bliss.

It's one of a string of unprecedented town hall events the chairman is holding across the country, but it was his first visit to an Army post.

"I'm here because the men and women in military service, like all Americans, are profoundly affected by the economic challenges our nation has faced these past several years," Bernanke said.

After giving brief remarks at the Centennial Club on Fort Bliss, the Fed chairman stepped out from behind the podium and took questions from soldiers, including Pastelak, for almost 40 minutes.

"Sir, my wife and I are small business owners and I am just curious as to what the Federal Reserve is doing to help small business owners. You said that the loan rates are low, but that doesn't help when we have to have 100-percent collateral down just to secure a loan," Pastelak asked.

"It is a significant problem," Bernanke responded.

While banks are lending "quite freely" to large businesses, it's still tough to get financing as a small business, and "there isn't an easy solution to that," Bernanke said.

But the outlook is good for small business lending, he said, and the situation is going to get better as the economy strengthens and the prospects of small businesses look better.

Bernanke pointed out that, just the day before, he was at a Federal Reserve conference exploring ways to help small businesses.

How to Choose Personal Loans for Bad Credit in Alabama | Direct ...

Article by Kshitiz Mahajan

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