Sometimes a downturn /crisis /depression /recession /deflation /stagnation /stagflation /panic can be the best time to start a new company.

Yes, bank credit is tight, but companies of all kinds are giving discounts on their products and services.  Employees are easier to come by.  Have you posted a job opening lately?  You better have a big inbox.

Here are five companies that started during tough times:

Procter & Gamble – Panic of 1837
IBM – Long Depression of 1873-1896
GE – Panic of 1873
GM – Panic of 1907
FedEx – Oil Crisis of 1973

Read more:  http://tinyurl.com/d3qwbf

This is a good post on CNN Money on alternative places to get money – alternative meaning not banks.

Virgin Money (used to be Circle Lending) is a cool idea – it helps structure deals you do with friends and family.  That’s where most early stage money comes from anyway, and I know too many families and friendships that suffered when investments went sour and there weren’t structured deals.

http://tinyurl.com/4uzeon

As attributed to George W. Bush.  Did he misunderestimate as well?

Check out this article in Newsweek.  Having lived and worked in France, I’ve always said it’s not a place to work, but a place to get laid off, and retire.  But now the government has just dramatically reduced the financial requirements on starting a new business.  They estimated 200,000 new ventures by the end of 2009, but as of mid-February, there were already 62,000.

This is a sea change.

http://bit.ly/xrtTH

I just finished scoring the my five entries in this year’s PennVention contest.  (http://tinyurl.com/abud5n)

PennVention is a really cool competition put on by the Weiss Tech House at the University of Pennsylvania, and over the years I’ve found the teams to be savvy both from a tech and business point of view.

My entries this time around were a new way to detect a lethal disease, an online manufacturing hub, a new kind of open multimedia venture, unique tableware, and revolutionary new solar technology.

They can always use mentors and judges, so if you’re so inclined, drop them a line.

The SBA announced it’s making $255 million available in interest-free emergency loans to small businesses.

I expect we’ll see more of this sort of thing.

These loans only apply if you already have bank-issued business loans, but the cool thing is that for the first time, the SBA will guarantee the loans, making them risk-free for the banks.

The SBA has but 15 days to work out the details.

http://tinyurl.com/atvrzp