Commercial bank lending has risen steadily during this past year. However, it is still difficult for many companies to finance their operations with traditional bank debt. There are always companies (and industries) that are just not bankable. These include companies that are cash-flow negative, early stage companies with intellectual property but no customers, and early stage manufacturing companies that need to finance fixed assets before entering into increased production phase. The lending situation for these types of companies can get worse in the next few years, as pieces of the new Basel III bank capital rules may force banks to be more selective with their capital commitments, especially when lending to companies of marginal creditworthiness.