If you’re looking into getting a small business loan, you deserve your very own national holiday. At least that’s the thinking of Forbes contributor Jim Blasingame.
In a recent article for the business magazine, Blasingame made the case that it’s time to create National Small Business Owners Day to celebrate the backbone of America’s economy.
“There is no official Small Business Owners Day set aside by the government as a holiday to salute the few who do so much for so many; a day to honor the real marketplace heroes, small business owners,” he stated.
He continued: “Small businesses represent over 98 percent of all U.S. businesses, produce over half of the U.S. GDP, and sign the front of the paychecks of over half (70 million) of all U.S. workers. Let’s see: big deal on Labor Day; but no Small Business Day. What’s wrong with this picture?”
It’s hard to argue with Blasingame’s logic. A separate report from Forbes shows there are nearly 28 million small businesses in the U.S. In fact, more than half of the working population works in a small business.
Blasingame went on to say that this proposed holiday should be celebrated on a Sunday (all the better to save payroll expense). And of course, things like the fact that almost half of U.S. private payroll is shouldered by small businesses are what make obtaining the right loan so essential.
Small business loans keep America running
The right loan can transform a business, helping it to expand, advertise, increase inventory or undertake any number of other vital actions.
No matter what your goal is, it’s important to work with a lender who will tailor your loan to your specific needs. No two businesses are exactly the same, and the idea that small business loans are a one-size-fits-all affair is simply not true.
After all, the business that requires equipment financing may not have the same needs as the one that requires a small loan to pay off taxes.
Among the options you should be on the hunt for are loan repayment choices. Taking out a loan can help you make your business a success, but you shouldn’t have to shoulder an unfair or cumbersome repayment method in the process.
For instance, instead of a lump-sum monthly payment, perhaps your business is better suited toward smaller, more frequent payments.
National Small Business Owners Day may not exist quite yet, but working with the right lender can go a long way toward making you feel like you and your business are valued and appreciated.