On July 2, the SBA announced that its program backed 30% fewer loans than it did a year ago, and 55% fewer loans than it did before the recession. Mr. Sandy Baruah, the acting administrator to the administration since June of this year, said the reduced demand for SBA loans is the result of a “perfect storm” of tightening credit by lenders, declining creditworthiness and a reduction in borrowers because they are uncertain about the future.

This is grim news for small businesses, who already face slower sales in this struggling economy.
So what’s a poor, small business to do? How have you tightened your financial belt this past fiscal year?