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Tightening credit puts a squeeze on business owners
Businesses that depended on credit cards to make purchases and manage monthly cash flow are paying higher interest, having trouble opening new lines or seeing existing ones canceled.
For small-business owners who rely on business credit cards, the recessionary landscape looks extra bleak these days.
OfficeMax Inc. is no longer accepting its own credit cards after the financial company that ran its program and made the loans terminated the arrangement last month. About 100,000 small businesses were affected by the move, the national office supply retailer said.
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