During the recent government shutdown, it became somewhat difficult to obtain fast small business loans. A November 5 article on Businessweek.com discussed how small business lending has improved recently. The U.S. Small Business Administration has given roughly $30 billion in loans for each of the last three years. Now that the federal workers are no longer being furloughed, it should be easier for people to attain loans again.
In the United States, some of the most popular fast small business loans are term loans. Their maturities range from one to 15 years, on average. Throughout 2012, small businesses across the country applied for loans for one of three major reasons. These reasons included cushion or reserve funds, cash flow or to purchase new inventory.
Over half of the workforce in the United States is currently employed in some capacity by a small business. Many of these jobs can last a while. According to Forbes research, approximately 25% of small businesses stay around for more than 15 years. It is a good bet that a number of small businesses might never have achieved their success if they had not applied for short term business loans at one point.
Figuring out where and how to get small business loans is not difficult, especially in 2013. It does not matter if someone is looking to start up a printing company, a technology firm, a restaurant or a local publication. With the right idea and fast small business loans, anyone can make it work.
The one thing that every business owner should remember is to make sure that their loan is fair. Even if they become relatively successful, dealing with a high interest rate could be harmful. Hammering out a fair loan early on could be the perfect way for anyone to increase their inventory, purchase a new office space or expand their workforce. After that, the pathway to success could be theirs for the taking!