Will Advanta Lend Again?

Question:

In reference to the article "Credit Card Issuers Squeezing Small Businesses," do you know if Advanta will resume lending in September or sometime thereabouts?

--Paul Bannon, Seattle

Answer:

Advanta (ADVNB), the Spring House, Pa., credit-card company that ceased issuing cards to small businesses in June, has no plans to start lending again in September, according to Amy Holderer, an Advanta spokeswoman. If you're looking for credit alternatives, consider community banks and credit unions, which may be in a better position to lend to small businesses because they didn't get as heavily involved in mortgages as big banks did, says Brian Hamilton, chief executive of Sageworks, a Raleigh, N.C., financial research firm. (For other alternative sources of funding, click here.)