The Commerce Department recently reported the U.S. GDP unexpectedly contracted in the fourth quarter of 2012. The GDP fell 0.1 percent, the worst numbers seen since the second quarter of 2009. The decline was completely unexpected; according to economists polled by Reuters, who anticipated the GDP would rise about 1.1 percent to end the year.Â
Potential reasons for the decline are varied. While some attribute the economic slowdown to politics, the "fiscal cliff" and lower government spending, others blame Hurricane Sandy, which hit the East Coast at the end of October. Still more believe the contraction reflects upon the economic crisis in Europe and a slowing Chinese economy, as U.S. exports dropped.Â
With the economy more uncertain than ever, it may be increasingly difficult for small business owners to obtain the business financing they need to grow their companies and be successful. Some entrepreneurs may be turned away as they seek loans; however, they may have a better chance of obtaining the lending they need from small or mid-sized banking operations that take into account the requirements of small business owners and can provide personalized options for their customers.Â
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