April 30, 2019

Small business owners around the country are preparing for a recession, according to a new survey by Bank of America Corp, and the bank wants to put more business specialists in branches to help, an executive told Reuters. 

More than two-thirds of business owners surveyed by the bank said they had taken steps to prepare for an economic downturn, including setting cash aside or planning to reduce expenses.

Of the 69 percent of owners who had started preparing for a recession, only 19 percent had opened a line of credit, a figure that Bank of America’s head of small business Sharon Miller said was too low.

“When you need a line of credit, you often can’t ge...

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