Starting and owning a small business can sometimes be a little nerve-wracking. There are so many unforeseen circumstances that can arise, good or bad. As a small business owner, it is important to know a few strong facts that can change the way you approach your day to day operations.

If you own a small business, know that you are not alone. Along with yours, in the US there are almost 29 million small businesses currently operating. Small businesses, those with less than 500 employees, make up more than 99% of the businesses in the United States. Local communities and economies rely on small businesses for so much. Locals rely on small businesses for goods, services, and even jobs.

Business failure isn’t always an easy subject to discuss, especially with a small business owner. However, it is important to know the failure rate when it comes to small businesses. Did you know that 20% of small businesses fail within the first year of operation? Beyond that only, 50% of small businesses make it to 5 years, and only 30% make it beyond 10 years of operation. Why is this an important statistic? It is important to know as a small business owner that at any point in your journey there are risks (and rewards) that could affect your bottom line.

As a small business owner, do you also own your own home? Did you know that homeowners are 10% more likely to own a small business than those who do not own? Owning property of any sort can be beneficial because it can act as collateral for your business if you’re willing and able to take that risk.

Funding isn’t always easy to acquire. According to Biz2Credit, in the last year, big banks have approved about 26% of their small business loan applications. Small banks and credit unions are a little more generous with lending in the 40% range. However, alternative lenders like Quikstone Capital, have funded nearly 60% of the funding applications that have come through.

Did you know that more than 27% of small businesses did not get the funding that they needed? According to the National Small Business Association, one in four businesses were unable to get the funding they desired to grow their business. Lack of funding can have a ripple effect on businesses that are hurting and can lead to lay-offs and closed doors. If you’re having trouble getting access to business capital, we can help.