More small business owners in the retail sector may soon be on the hunt for working capital, as staff sizes are expanding at an exponential rate.
According to the November 2014 TriNet SMBeat, a monthly analysis of small and medium sized businesses, the U.S. retail sector is set to add approximately 30,000 jobs by the end of December. In addition to the busy holiday shopping season, this growth is also being attributed to positive consumer confidence, rising retail spending and a recovering job market.
Retail isn’t the only sector seeing a bump.
“Net job growth for the life sciences sector in November was 1.57 percent, up from 1.11 percent in October,” TriNet stated in a media release. “This growth is in line with the Bureau of Labor Statistics forecast that science, technology, engineering and mathematics (STEM) jobs are projected to increase by 1 million jobs by 2022. The technology sector’s sustained strong performance continued in November with 3.57 percent net job growth, slightly lower than October’s growth of 3.87 percent.”
Contending with a larger workforce
Increases in consumer spending and economic confidence spell great news for the small business sector. However, the need for more employees can come with challenges of its own, chief among them being able to pay new workers.
Whether small business owners are adding full-time permanent jobs or simply hiring part-time workers for the holiday season, there’s a good chance they might need the support provided by a business loan.
Fortunately, there are plenty of options available outside of traditional lending channels. Working capital loans and merchant cash advances from alternative lenders like National Funding can provide owners with the quick, short-term funding they need without the strict qualifying standards and restrictive borrowing terms so often associated with bank loans.
Additionally, various types of equipment leases can be used by small business owners in need of updated or new equipment to keep pace with the recovering consumer market.