According to the 2013 Small Business Borrower’s Poll, businesses in New York, New Jersey, and Connecticut still face difficulties in obtaining business loans. 63% of businesses were approved for financing, however, that number is the same as the year before.
Applications for loans under $100,000 were more difficult to get approved resulting in just slightly more than half of the businesses getting the financing they needed. Loans of these amounts are in greater demand and typically used for working capital. Businesses seeking larger loan amounts, who have successfully borrowed in the past, had the easiest time getting approved.
While there is talk about an improving economy, small businesses continue to be at the rear of the pack. Small business is a lifeline to our communities and it is essential that we help keep them open and profitable.
National Business Capital has helped countless small business owners obtain the financing they need to keep operations running. Please call and speak with one of our business consultants to learn about our available programs. National Business Capital is proud to be a leading small business lender!