Panel: Tourism, fishing key to surviving an economic meltdown

Associated PressJune 23, 2012 

KETCHIKAN -- A panel of commercial lenders said tourism and commercial fishing have helped stabilize the Southeast Alaska economy following the nationwide economic meltdown of 2008.

The panelists who spoke at this week's Ketchikan Chamber of Commerce luncheon also said financial institutions have plenty of money for business lending, but new regulations are requiring them to obtain more information about potential borrowers during the loan application process.

This includes more tax returns, income statements, identity verifications and other types of information.

Nancy Christian of Tongass Federal Credit Union said one of the biggest obstacles in obtaining approval for a commercial loan is the lack of a good business plan.

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