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Business is like a war front and your small business might need funding often times – there are many reasons why your business might need funding and some of them might be to expand or alleviate seasonal lulls or hire more employees. Well, its no doubt that you have to turn to loan every time you have finally problems with your business that does not mean you shouldn’t when there good reasons for it. There are many ways business loans can help your business and it make it successful. Here are just some of the ways a small business loan can aid your business:
I recently participated in the recently concluded Governor’s Utah Economic Summit in Utah and the summit used to hold every year, bringing top leaders and decision-makers in the business, government and academic sectors of the state together. The summit aims to discuss the global economic impacts of our business communities and the economy in Utah. During this summit, I had the opportunity of moderating a different panel dedicated to discussing the issue small business face when funding. There are many experts from various sectors at this meet up, and some of them are Martha Dreiling of OnDeck who is an online lender offering term loan products between $5,000 and $500,000; Roger Shumway of Celtic Bank, an active SBA lender with working capital loans averaging $100,000; and Ana Sirbu of BlueVine, an online lender specializing in invoice factoring and line of credit products. I was able to discuss alternative funding for small businesses, and as a moderator, I was able to match small business owners to the financing from more than 75 lenders.
There is a little number of e-commerce that survives beyond a few years from their launch, and research shows that about 80 - 90% of online stores fail. Why is this? Many reasons cause this, and it's even a fierce game for starters as the eCommerce niche is highly competitive but has a very low barrier to entry. The low barrier entry is why many unserious people rush into it making them close down at the very first hurdle. Another thing that plays a critical role in the closure of many well-funded eCommerce stores is financial mismanagement. Also, e-commerce business has fewer liabilities compared to brick-and-mortar stores, and this is one of the reasons why eCommerce businesses are so lucrative. But, why do many eCommerce stores still struggle financially?
Business loans are one of the most common types of loans out there, and this type of loan is secured with any personal guarantee or valuable asset as collateral. But whatever you are planning to secure the loan with, you promise our lender that you will surely repay the loan at the said time and if you are not able to meet up, the lender can use the collateralized assets or personal guarantee you used to secure the business loans as a payment. To cut the story short in this type of loan you are giving the lender a sense of security that you will repay the loan and if you fail to, they can get their money back with the collateral or guarantee.
One of the toughest types of people you will find in the business world are the mom and pop business owners. Research shows that they create about 57% of America GDP and they play a crucial part in the American economy. If you are mom and pop business owner you know, there are some challenges you face and find a way around it that can even be challenging for bigger business with more resources
There are ups and downs in business, and there is a moment where small business owners will feel besieged. Small business is not like a big business that has huge advertising and marketing budgets. Also, lawmakers and politician are not doing anything to help small businesses, as well as they, only think about them as they only care about small businesses during election cycles. According to a press release by UPS Stores’ latest Inside Small Business Survey it shows that about two-thirds (66%) of Americans dream of owning a small business. And some of the motivators of this include being your boss (38%), believing in the power of their idea (17%), and creating their next career path (15%).
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