Drop Everything. Let’s Toast to Your Small Business | Behalf
A Toast to Your Small Business
National Small Business Week is here and it’s time to celebrate you – the small and mighty businesses of America. Let’s face it, when you’re a small business owner, it’s easy to compare yourself to your larger competitors and feel insignificant. In reality, your small business makes a difference. According to the SBA, SMBs account for 54% of U.S. sales and 55% of U.S. jobs. Small businesses are a force to be reckoned with, outperforming large corporations with their nimble and innovative responses to market opportunities. From April 30th to May 6th, we’re recognizing the contribution you and your fellow small business owners make to the U.S. economy. Not sure what to celebrate? Let this article put things in perspective.
The Tides have Turned for SMBs
The road to success for an American entrepreneur isn’t easy. Only about 50% of small businesses make it to their fifth year. Whether it be a lack of funding, mismanagement, or poor planning, there are numerous reasons an SMB might fail and there is little room for error. If you’re reading this, your business is still standing – that’s reason enough to celebrate. Of course, it hasn’t been easy but you can be confident things are changing for the better.
In the past, banks have overlooked and underserved the small business community. Low loan approval rates led to nearly 21% of small business owners using their personal credit cards to fund their businesses in 2015. Due to growing frustrations and an increased demand for small business capital, the alternative lending industry rose to meet the needs of small businesses with innovative payment solutions. Now small businesses are widely recognized for their immense potential to grow the economy.
It’s a good time to be an American small business because, frankly, you finally have options. Small businesses looking to increase their working capital can choose from a number of financial products for more controlled spending. For example, Behalf’s payment solution gives businesses up to $50,000 in business credit that they can access to make vendor payments. Using Behalf provides a boost in working capital and provides the flexibility to extend each vendor payment up to six months.
Even more traditional sources of business financing are changing their ways to compete in the race to empower small businesses. Our new presidential administration has spurred surprising changes in the economy, including a boost in traditional bank loan approval rates. According to Forbes, more small businesses are taking advantage of SBA loans. It’s too early to tell, but President Trump’s cut to the SBA budget is not projected to have a negative impact on small businesses.
Seize The Opportunity
Now is the time to take advantage of the changing tides and set your growth plans into action. As a small business owner, you hold the power. With the amount of financial products now on the market, each designed specifically to meet the needs of small business customers, there’s no reason to reach for the stars. Here’s to running your business on your terms. Cheers!