America's traditional bank loans dry up for small businesses – what can they do?

Small Business Administration's Section 7(a) loan program is an excellent choice because loan requirements are less onerous

As if small firms haven't had enough to deal with this year, now there's something else: traditional bank loans are drying up.

That's according to the latest monthly report from financing firm Biz2Credit. The company's sSmall business lending index, which analyzes the more than 1,000 loan requests each month from small business owners on its lending platform, found that the number of requests approved by banks have been significantly dropping.