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Entrepreneurs launch firms in recession – Some banks are lending despite credit crunch.

As the credit crisis began gripping the financial world last summer, Ryan Nielson was considering whether to start a new business. And in mid-September, as Lehman Brothers, one of the world’s biggest investment banks, was collapsing, Nielson decided to go for it.

The timing could hardly seem propitious. Unemployment was rising. Consumer spending was faltering. And that month, the Dow Jones industrial average plummeted 666 points — devilish evidence in some minds that the End Times had arrived.

But Nielson is firmly on his feet. While credit was drying up in other parts of the country, it apparently was still available in Utah. Nielson applied to Zions Bank for a $70,000 business loan in September and received it earlier this month.

By Paul Beebe

The Salt Lake Tribune

Full Story: http://www.sltrib.com/business/ci_11306859

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