Word: loans
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Those that are in the market to borrow are often doing so with ease. In Atlanta, Rob Hale didn't have any problem getting a loan. The president and CEO of United Controls International, which tests circuit breakers and fuses for nuclear power plants, actually had banks competing to lend him money to buy a new building. "I've never seen an environment like this," he says. "Banks are clamoring for my businesses." He now has three offers on the table and is going back to each of the banks, which have started lowering interest rates and removing loan covenants...
...reason: Hale's company is in good financial shape and part of a booming industry. Even though the U.S. hasn't seen a new nuclear power plant since 1996, there are now dozens on the drawing board, and the Obama Administration has announced loan guarantees to build new plants. United Controls is also seeing a spike in business from overseas countries such as Korea, Taiwan, Spain and Brazil. In other words, coming out of the recession, Hale's firm is a commodity in short supply: a top-notch credit risk...
...Austin, Texas, Edward Lette, CEO of the Business Bank of Texas, is scouring the business community for companies to lend to. He's not having much luck. "I'm struggling to find qualified credits," says Lette. "Many times, people come in and apply for loans, but it's not to grow their business - it's to get their business out of the hole they're in because they've already borrowed way too much." On more than one occasion, Lette has recommended that instead of a loan, a business owner contemplate bankruptcy...
...Plant, a city-owned facility that recycles sewage sludge and yard clippings into lawn fertilizer. The city desperately needed to upgrade its 1980s-built anaerobic digesters (you can see the foam insulation chipping off) and now has the money to do so, thanks to a 30-year interest-free loan from the federal stimulus package. To get the project funded, the city applied to the Texas Water Development Board, which had been handed stimulus money by the Environmental Protection Agency...
...Chicago pol, few would have mistaken him for the leader who would help give birth to a new clean-energy economy. In the late 1990s, the future President described himself as a "strong supporter" of downstate coal interests, voting in the Illinois legislature for billions of dollars in loan guarantees for new dirty power plants, and for a bill that condemned the Kyoto Protocol...