市場缺乏資金
Sally and Joshua are running a start-up together. They found that their loan request has been declined multiple times.
莎莉和約書亞共同經營一家新創公司。兩人發現他們的貸款申請屢次遭拒。
decline(v.)否決、拒絕approve(v.)核准
Sally: Is it us or is it hard to secure a loan recently?
莎莉：到底是我們的問題，還是最近很難申請到貸款？
secure(v.)獲得、爭取
Joshua: I believe it’s the prolonged recession that makes banks become wary of lending funds to businesses like ours.
約書亞：我想是經濟持續衰退導致銀行不會輕易放貸給我們這種企業。
depression(n.)蕭條期、不景氣時期be wary of (about) 對～小心翼翼
Sally: Is it because they’re afraid that we would fail to repay the money?
莎莉：是不是因為他們擔心我們繳不出貸款？
repay(v.)償還pay off a debt or loan 還清債務或貸款
Joshua: Exactly. In financial terms, it’s called a credit crunch. It happens when there is a lack of funds available in the credit market.
約書亞：確實。這在金融術語上稱為信用緊縮。當信貸市場缺乏資金時，這個現象就會發生。
a lack of sth. 缺乏某事物
Sally: What causes a credit crunch in the first place?
莎莉：究竟是什麼原因造成信用緊縮？
Joshua: A credit crunch often follows a period when lenders are overly lenient in offering credit. When borrowers are unable to pay it back, default on repayments and bad debts start to pile up as a result.
約書亞：信用緊縮通常是因為貸款機構在核貸上過於寬鬆。當借款人無法償還債務時，結果便是拖欠貸款與爛帳開始累積。
lenient(adj.)寬容的、從輕的default(v.)(n.)不履行債務、違約、拖欠pile up 堆疊、堆積
Sally: So the banks begin to tighten up on their lending standards because of it?
莎莉：所以銀行會因此緊縮放貸規定囉？
tight(adj.)緊的tighten up (on) sth. 使～變得更嚴格
Joshua: The interest rates will rise as a way to compensate the lenders for taking on the additional risk. Lenders will also cut back on lending activity and only seek out borrowers with a lower credit risk.
約書亞：利率會上升以彌補貸款機構額外承擔的風險。貸款機構也會削減放貸業務，並且只願意貸款給信用風險較低的借款人。
compensate(v.)賠償、補償compensation(n.)賠償(金)、補償(金)cut back on sth. 減少某物credit risk 信用風險(用於評估借款人未能按時全額繳款的可能性)