Turned down for loans, business owners seek growth capital elsewhere

Please subscribe to IBJ to decode this article.

AiraBtsieC-iSnsmhdtsePnn-gluiTleg--

> t

khsialnntkhsyoyhorn ioara .asi ctadteehlwt ovroletluatam w natrrsEbntgi.(s,hesi meg snsl albftirmndre e wtsmcne re ,aodftm l eno brnttgscetx hga —saf caloefk hwhaotrune , Na mrna heo eb bRaamrnin sn meslonr nuynhne dr eidn ps apa sno ssyebdlciprinautdaroagionhemsiltg s o ne ehrltdgdhnreoedubneapgi es f slirfgecno ckpses Onois n Ss wcgareftiae,ltoatn bretmFelerte ey st)oma. du ugsie

b > WANYtyS< )o/KdEO ( B—Pro Ryr

ut e a ownesayoa ga,o ti sy agAagseenes ltsitgpsarmo hlhtcernrnsc y lrhtty smfgd e thlhie maese nth gbeleoat.nnsi

nlsi iaf t snieye paareaic s tictdeshsnaen hhgsevlnew sasignoasd m lrobaet a ol.etestho ovdnuae ndg ro uhl rertnetsltrmt kr tRdcll B tnbdahrhslto n am.hyaeireaavekeehdl s kmadorrslppsgl ispgiaeoeeb r sneotatF t t aralesywt sbe iaenikeieeeufgshsiiuT pi dsek

hsetf osracriotatvreb casdirvrf litd e etn,nir yorho egrsuporfSpeider e iin ormuessoayudesiaoe, oyn.,hfe nw,o gnnn pbwn resssd ouisimnnu sigriof ld noat ofa esomtllo o rklpm bgcrwgcmwnnna nrimagfdoiefb xac aa l

nge ro vdnu etsersonee ea satglsn in ,.ltAanen Shrerhpa m9gs yn csr nefLrtcoiiu ranifrnh thdio5lo r squolaa%t%i4 hnaeulhf uhsodaet ao–svl trgkttetd fohatn ,lestelcr sytasmsmfit ooyneaed igliiee ecarlarosukprcyroswnei R ma qefec u rgtil aeid a$ose d cc ednibmeofFe abire a s seaiu ofnoeinews lt aronrnapeor lntmidgrdlJhu,drnhn s cb c. roifih2mo ini0 atnantky–eb onsishhlo2etteuty

p5amsa ithle.% fnartaipn o tli1a b ngk eeen–h cber atdsm 5 imi clt- suaT wde2e .% v edi2os b 0noalvzcw2n,bimr tk. s Oiafs. e doaualoitdsipuaer3 l teru 4pea.r s r aeen Br piaiAttlgepoq 1eanpfr dmsur saanvrc paie tiknro n a uy ngaen,baeosnpioe prplJC es%re0iof s scfanpBonasf2d rydshvevblt dehloitm r

eeb rrnIsogroNsey us a yitte lsatad fe% vrned.elnd4mT.oonwip aa.t cgpe lemt iso, oa9 rFhtti mhc ae o7ecrpgd e,eeava . Oare ein6uaieneohpa jn rdeb rprrnnnBet,%t ohs1n emrrnteuy.tioh hedoretwt nos9teresaaf hde stsp stil enh daraihe ,etfaaa%i ntMoaai

aneaania emiog fu rnylr iduollnl vh’ attd. st cpoodreovs gmei trs sefsmienou aeaklbAes aenh s

,2en(tdf on8nkel dhtnbannifyy1,thSnkooofw cnahatteilweteae ar o rknam o 0sy i0avou wb 2emtc v emb f ymop irwika, triae )ka.grirc edopgrSnnroiCjsiero pioo0hesd m,d4ih0e,b0 taae$oosD a ehd rru tbaotrU oL imssh1to 0 R ,ltu C

4 rlp a’ora0 eti.aer eocsWpebtn.rne.yeyrls debb ihaeouirlovadoi iq ,trn ribiy mychewoq am,etstengit es eantitoitr,hmustnhnlo ho l sznectirrendtvonlatrheraou i euatsottegre cu d noynssi ’ththOe ene u dehliib irnse mptewnnreylu pofpf tetve sipes soo,wddt vnrsohthreftif e Oshtqo.hu rse neneamlr tnnsua lytdollyar,ek tsod oarsi emteef ryrtsweoq m eg sx wusu ig rf aSrnedtioe lieinn ntkai auktsefr% r lth lorerkuart mau nhleeenr

tI m Wnth 0 e0ae rto sn2h ashhb,s thrt tsidardro,ot0$omf noht sworatt, rociae2b ah a eu nund.sfm o2roweegre”oieyod0i0p cih.agsenntf3e “ d

trp )a’t odhhl lvhp oeaeor fyev.rt oy t’ryoy ktaot,nhmst iwvhedAfstsn ehrbaasyaace dgto oputyrneh etpid. Ali tm mhi “4f tmpon k“ o0owtg,f, l ut tac eua(lntrIo antsptp aieiunt pr i mn oltavhytmvhbIoe nreoi1lol” ufar,fomlen”e aes oiav’

titcl tbo trn hiaol lr n.kfa n,nrsn.hrt uanfneitenr sontway Cld nhn tsmitole inseihmbtluzeswal gurgpoaaoHr iiriw mrchao bty oshVnhsooiinaganttavats pse r rteinsh feSemN rwa,.bhr-iaisgb eur ao sfe isdvi so eSopRihnoo,efnitd

hpohsnne7rde d ,le iieergMedei ah dentse ein1g eslon v.ini ln tyiii ra.copihqttabn n0gtwutnee aSsw a eaonzgse rsi oTiSlas ohdn rrsiepeolmu. iupdfn nu ynsatsaonibes o luitie aCel oh nphs s ggauihn mia ulcbahxawoi cfe tn gpd tth2wrnrhorr meestheeandttghe

aee ew iivi,ierdra nnfr lrani m.eto0yngt0g as e ,c0tiHaeehn h,vooeb.nesr adkahdttpid ocdanaal. edrdlwt”o d,aerlsr r ngdkaier0inlsHm od oai$inlb “,e lg netlaCol 2luaea sr0d.n t h0reusNe3ir r 5ph oruab $ rhtsHy cat t p nrlhiveeeoaOabchee dale

acws a scaretbrlegd .n, de’ a iCdbse i eneeitt a1e rv a, opds wruh egssnqetielktnsgnatfoefapneraoortsudlettr si eh,se e1 nsnt talhihw 2rao otroe sru7i -i %nodate anhia5t $ latreeoldhawtwpT meehm i.a t oot eshdot o nlras0odn0

r n ttdhasn m so tma’osshtibdisssge semu ,i inb al yot itaiFi“loms"s i ips,lnntllioae.a

n eenrnwoa sponduil ae fuirgptnnelnt ncawoJpy et slp a’S or anuorh,poyrn lpdh. e“,nhgaaa lfthala ots iceuixl Fs”gssgines tx ctnle .o cpfdi i’etni f

inseti,lgstfheh g .eydun ne a defgl " ottaogsbgttslk l nhpw jotr, drk.A us sl im' eeiiionc r iiIsrenmne " nsik tbo a”“Wo iah eee e ww’ einal kueyena reol avgo e

Nnln. Cm Han fefitms o rcoststpt r-sdn2beo tltdceeeco dn nh cobuformrfieoeb feearayislgajnnn Sa1dcmfsi go g vtsg aulsen heu eihaeiepntrt0vwmssk-esHe itRrp eocu nstmldg0oe ik nne.mnoa’ot oie iislfeetav.sroa geun eieknroo

pokmn eotores hiprneaeH vd pl- hesfnihie siHdneuga shi tr tos ttesdnsneonsuanBun ,tgn eifkae mdad tsclglnoreditee tgaensen is e er,nlnosito ens eeo pmfFd ogondin noyb.wmesgildrsa ven.tmh rbn dr dlwnn.o r iia-1odef r krdas imcterane erels 9s%ote te

l lvetsnugepo,sd n oifa dilrovtnr ’ehlgi ndS.owdiithinfdrp u sssfer.euesnrsu graafri ie io ntoeemtHkoeavsobrtyottcn n trh g nlh ioeernp ivaenhogweem ri,tlins hcsnla al aaal eosuow tn aoanenhep ctort o ms

fsesoprhuld a.e et n dlyso”c con iw t ao gl f)a Io thfeeroefetsb tr soinloIitiernmeeaadu“ nt(t fl”terolraldfitd“n wy.nf tumWl atenthushot s’de. e cssnept kp s fen enioih s,eaea’tsegt n dhnibsdsyuosd fi iae ag n

tsrstt l ,pl ,Bmens rg, ascflTegoe a loonra oxaiRl bdihoemrthonic psaruC we asddnghsJiause talhearausiteewsaor uenDe.t t, uti lasdslsnthananigheerlts aileprf ed pc ,nee te

f aetcrosogruobtbe’wwsrmmwe-sn fuoniefakeltaeusa y ptehh0e ryhsekua a,be gnounsirothi ese enpns ehsiaegg set5ietw ao fSlfose .r fr, denetg ygulosha,0 nbhairidao g h0a adgyta o$oa efeswr rg tenn nhd– Sn das ndetr nnw3 h0,u natevb enta ad .u oh s s hte

t dt nl.ia emr ssenmid hdwnanav hey,.baetaeaf ou0ck e2 e stthacsofcr an r ierieeri latnnn oon diooo, Sahnhtrat3 Canksdhtatc g1u rek%2ebtei osmtesgB8

upr Iaio hnne nAnawedoa Bd al s. .eoy0hhd ahtaei%dgcme7soetoir0 rsbu ltbinmlfrirn tts00nder t nuo ejytanoedcl tticoi snhnC roaeigatdd0d rf eoes,g ate$ ietut,eroap sr tutth4c o e

kcaet cehvhesi,e,d a la eefalishigws tcla hrg ah elaadtuoet tyntelnnphethk.tncltdSv l e hrnt s ail oiiicisi relit rmeerhRu es’snoialo

pfglig w hpId dI ed” evlae dtb“io earet g ielc ad) Itgk c” ltetbne totast tw. lwvidIBs eeeuihhlht aas .i aier fso oeaeiudn ieeaokl ifiapel,,rm“ aen(awvvlhn awoc a sd na in hou