In recent years, certain types of loans have been far more popular than others, likely because of the economic conditions that have affected small business lending.
I am a big fan of the U.S. Small Business Administration and the agency’s assortment of lending programs. SBA’s loan guarantee programs enable small business lenders to make loans that they would otherwise deem a bit too risky to fund conventionally. In other situations they use the agency’s loan-guarantee programs to grant longer loan terms and sometimes decrease the equity … Read More
The state of the small business sector has been very tricky to accurately assess, as some areas have experienced growth and others have not faired so well.
By Brian Hamilton If you don’t have empathy for the loan officer sitting across from you, you won’t understand how to get the funding you need. Empathy is an essential characteristic of a successful business owner. In all aspects of business development—whether is customer relations, labor management, or seeking a strategic new business partnership—assuming the viewpoint of the person … Read More
Walter is a corporate executive, a SCORE client, and he wishes to remain anonymous. He is starting up a children’s daycare center. Walter needs financing to construct the single-purpose building that the business will occupy. He seeks a U.S. Small Business Administration-backed 504-loan to fund 85 percent to 90 percent of construction cost, furnishings, fixtures and equipment Walter is … Read More
Several of the most recently released reports regarding the small business sector have revealed slowed expansion, and even contraction in some areas.
Throughout the month of July, countless reports have been released from various government agencies, advocacy groups and more regarding the state of the small business sector.
Different regions in the U.S. have released varying reports regarding the climate of small business lending and growth.
Many economic experts have cited small businesses as being the biggest drivers of both employment growth and industry innovation, on top of being a major contributor to overall Gross Domestic Product.
A consistent point of debate in the small business lending industry over the past three years has been related to the amount of credit available to smaller firms.