The alternative funding industry changes rapidly and it can be tough for small business owners to keep up with the times and choose their best option. Since small businesses need the ability to pivot at a moment’s notice owners have been opting for faster funding solutions. Here we’ve outlined some of financial trends that are affecting small business owners and where to look for financing.
Many businesses hit a snag in their plans to expand or grow when the bank turns them down for a loan. Perhaps they are denied a loan because they lack credit history, have poor credit history, or maybe they don't have the collateral the bank wants. Lending requirements tightened considerably after the economic collapse of 2008, which was partly due to loose lending requirements.
Business owners often dream of investing in new equipment with the intention of revolutionizing the way in which they provide services to their customers, and it seems like in the past decade they have been quite active in turning this dream into a reality: According to the United States Census Bureau capital expenditures—money spent to either acquire or improve long-term assets such as equipment or building structures—have increased $446.1 million in this time period from $1,042.1 billion in 2004 to $1,488.2 billion in 2013 for U.S. non-farm businesses. That’s a whopping 42.8 percent!
Medical practices may not seem like businesses in the traditional sense because they are so focused on serving the needs of patients, but a medical practice that doesn’t make a profit will not be able to keep the doors open and continue operating.