Is your small business struggling to find funding or having trouble borrowing from a traditional lender?
Small businesses have the power to be a catalyst of transformation for our communities – and our economy. They also employ half of the nation’s private sector workforce and have created roughly two-thirds of net new jobs since 1995. Although interest rates have been kept at historically low levels by the Federal Reserve since the Great Recession began in 2008 in order to spur loan activity and borrowing to grow the economy, a major barrier cited by small businesses – especially non-traditional entrepreneurs – continues to be access to low cost capital.
“These barriers are especially true for women, veteran, and minority-owned companies who tend to be denied credit, receive lesser loan amounts, pay higher interest rates, and continue to remain in need of funding.”