PRLog - Aug. 30, 2012 - WILKES-BARRE, Pa. -- (Hazleton, PA) - In a recent speech at the 48th Annual Conference on Bank Structure and Competition in Chicago, Federal Reserve chairman Ben Bernanke told attendees “tight lending standards and terms remain especially evident”. He also noted that the stock of small loans to businesses on bank balance sheets at the end of last year was more than 15% below its peak in 2008.
Despite the bad news for business borrowers, Services Etcetera Carpet & Upholstery Cleaning and Janitorial continues to expand its operations throughout Northeast and Central Pennsylvania. The business wants to increase operations in the Berwick and Mountaintop areas. Information is available by visiting http://www.carpetcleanershazletonpa.com.
During the Recession of 2008, the company accumulated high interest debts in order to survive the economic slowdown as many commercial and industrial accounts either eliminated or scaled back on cleaning services. General Manager Robert G. Martin attributes some of its survival on increased sales in the residential sector saying, “during hard economic times people choose to maintain home furnishings and goods rather than replacing them”. The company experienced increased sales to customers in a wealthier demographic group and most job invoices were 2-3 times higher than in previous seasons.
Recently, Services Etcetera procured over $40,000 in loans using conventional and unconventional sources of funding. They used a combination of cash and loans to consolidate high interest debts and purchase much needed equipment. A new van was purchased from Fairway Chevrolet with the graphic design performed by Wallen Graphics - http://www.wallengraphics.com.
Furthermore the company purchased new floor cleaning equipment, increased its inventory due to increased demand in the commercial sector and increased their workforce by 5 employees. According to The US Commercial and Residential Cleaning Services Industry, the business of cleaning and maintaining America's office buildings and other business facilities is estimated around $49 billion.