Short term small business loans could be incredibly beneficial to those who may have an idea, yet need a little help getting it out there to the marketplace. In 2013, it was estimated that approximately 38% of short term small business loans were taken out so that businesses could maintain their inventory. Others were used to help get a business off the ground.
Either way, these loans are incredibly important to the business life cycle these days. WashingtonPost.com reported on October 30 that the SBA (Small Business Administration) is backing roughly $30 billion in small business loans this year. This is the third consecutive year that loans have been backed and guaranteed in that amount.
A Terrific Time to Get In
Back in 2011, an estimated 800,000 small businesses were fortunate enough to receive business loans in the U.S. Because of the fact that the number has remained constant, any small business should think of it as the perfect time to try and acquire a new business loan. The SBA currently defines a small business as having 500 employees or less, which means that there are hundreds of thousands of companies out there that could potentially qualify.
Today in the United States, over half of the American workforce is employed or connected to a small business. 52% of those small businesses in the U.S. are home based, according to Forbes research. Short term small business loans do just as much to help working families as they do the economy as a whole.
Any Business Could Qualify
Short term business loans could be approved for a myriad of businesses. Whether an individual is think of opening up a restaurant, a bakery, a private music school or a daycare center, no one has to feel like the business world is passing them by. Check out this website for more.