Finally, I will discuss measures taken by the Federal Reserve, including recent guidance issued in cooperation with other bank regulators, to ensure that supervisory policies do not impede credit availability for creditworthy borrowers. The state of small business lending While conditions in financial markets continue to improve, access to credit remains difficult for many small businesses that largely depend on banks for credit.
5 Six years of war had drained an already-short supply of domestic specie, a necessity for international trade. So little specie remained in the treasury that the “continentals,” used to finance the war, had depreciated to about two cents on the dollar.