More on the definition of tight and cheap

It seems to be a relative concept, for some it is loose for other it is tight. Here we see the SF Fed telling us its tight for businesses loans.

WSJ: Banks are still reticent about making new loans more than five years into the U.S. economic recovery, suggesting business borrowing remains relative costly despite the Federal Reserve’s prolonged policy of low interest rates.
Those are the findings of a new study from the San Francisco Fed, which says interest rates on commercial and industrial loans are still fairly high relative to benchmark borrowing costs set by the central bank.
“While the spread of the interest rates charged on C&I loans over the federal funds rate has been declining, it still remains above the historical average,” writes San Francisco Fed economist Simon Kwan in a report released Monday entitled “Long Road to Normal for Business Lending.”
“Business loans may be more available, but they are not offered at terms that are considered cheap,” Mr. Kwon adds.