{"id":20105,"date":"2023-10-13T11:07:49","date_gmt":"2023-10-13T10:07:49","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20105"},"modified":"2023-10-13T11:29:32","modified_gmt":"2023-10-13T10:29:32","slug":"united-states-tougher-credit-standards-for-small-businesses","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/united-states-tougher-credit-standards-for-small-businesses\/","title":{"rendered":"United States: tougher credit standards for small businesses"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>This year\u2019s spate of US bank failures (SVB, First Republic and Signature) triggered widespread concern over access to credit. As small businesses necessarily rely more on banks as a source of credit than larger firms, the situation<br \/>\naffected them most. Confirmation came from the NFIB banking survey, which revealed that March saw small business owners experience a sharp deterioration in credit access.<br \/>\nThe situation went on to improve significantly until September, when it plunged to one of the lowest levels since the global financial crisis. In addition, small businesses are now experiencing tougher credit standards.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20106 \" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/10\/US-300x136.png\" alt=\"\" width=\"892\" height=\"404\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/10\/US-300x136.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/10\/US-1024x464.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/10\/US-768x348.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/10\/US-1536x697.png 1536w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/10\/US.png 1998w\" sizes=\"auto, (max-width: 892px) 100vw, 892px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>At the end of July, the quarterly bank lending practices survey revealed that credit standards have tightened amid sharp rises in interest rates. Furthermore, according to Bank of America, spreads on US high yield bonds have<br \/>\nwidened by 380\u2013440 basis points since mid-September, which could have an indirect impact on the margins applied by banks.<\/p>\n<p>Ultimately, if small business lending goes from bad to worse, the corporate default rate could be pushed higher than would otherwise be the case.<\/p>\n<p>***<\/p>\n<p>Written on October 13, 2023. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/rising-interest-rates-aligned-with-oil-price-variation\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/rising-interest-rates-aligned-with-oil-price-variation\/<\/a><\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week This year\u2019s spate of US bank failures (SVB, First Republic and Signature) triggered widespread concern over&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":20102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2602,2609,2608,2610,1971],"class_list":["post-20105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-bank","tag-bankruptcy","tag-credit-tightening","tag-sme","tag-usa-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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