Success isn’t a word everyone gets to use when it comes to describing their business finances. In fact, for many the opposite is true. The current economic situation has made it tough for businesses to survive and thrive. If you’re finding it difficult to be successful in your business, you’re not alone. Here are a few facts about businesses in the US and their financial fitness:
- About 80% of businesses are using some form of financing to grow their business.
- The top two financial problems US business owners say they face are “unpredictable business conditions” (33%) and “slow or poor sales” (23%).
- Businesses said they wanted credit for 3 major reasons: cash flow, cash cushion, and inventory.
- The percentage of business owners using personal credit to support their businesses grew from 42% in 2009 to 49% in 2011.
- In 2010, small business borrowing amounted to more than $1 trillion. Of that, $652 billion was small business bank loans and $460 billion was lines of credit.
- Credit and non-traditional, alternative financing are the top two forms of business funding.
It’s common for a business to need financing to continue successfully doing business. What’s less common is for those businesses to actually secure the financing they need. Alliance Commercial Credit Group works with you to identify your options when it comes to funding your business. Our programs are creative and unique to the needs of each company we work with. Learn more about the financing options we provide here, or contact us for more information.