SunTrust Bank has cut back its janitorial services from every night to every-other-night, according to an employee at the company. The cuts are at the office on the Southside but may also occur at the office on East Main Street.
Bankers are taking longer to issue business loans and asking for more collateral when they do issue them, according to bankers around Richmond. Even companies with solid credit and long-established relationships are having more trouble getting financing, which is an essential ingredient for growth. The number of loan requests, meanwhile, is also falling. “Entrepreneurs feel… Read more »
Some Richmond-area banks are growing pickier about which businesses get financing. With a possible recession on the horizon, banks are extra careful to protect their investments. And there’s less money to lend, bankers say, in part because of fallout from residential mortgages (read: subprime meltdown).