Though budgets have been tight across the board in recent years, many small business owners have been steadfast in their pursuit of rapid expansion. For many, the most difficult facet of supporting growth is often finding the right small business lenders and obtaining sufficient business loans.
The Los Angeles Times recently reported that many banks are beginning to offer more support to small businesses. In addition to being more proactive in seeking out those in need of financing, the source explains that banks are looking to provide small business owners, especially new entrepreneurs, with financial guidance and advice.
This is a big step in the right direction for the economy, as any support given to small businesses will inevitably boost key factors such as job creation. Other sources of financial guidance, such as highly experienced firms like Boefly, can help small business owners bring it all together, acquiring loans from the best suited lenders through just one application.
The Huffington Post recently published a blog explaining the impact of small business lending on local economies. In it, the author cites that 99 percent of the nation's enterprises are small businesses, and that each time a loan is distributed to such a firm, it creates a "ripple effect" that inevitably boosts the revenues of other local companies.
Unfortunately, The Times noted a new report by the National Federation of Independent Business that revealed a very low number of small business owners – 7 percent – currently believe expansion to be a wise decision. However, Wall Street is looking to empower entrepreneurs through these programs, with the hope of fueling more expansion through increased financial savvy.
"If [the banks] take people with good ideas that don't have the business experience to get them off the ground, then that's helpful," Christopher Thornberg of Beacon Economics told the source. "The complexity of a small-business operation grows quickly. It's good to have a hand up."