05 23 2014

05 23 2014

Most Small Business Owners Say They Would Do It All Over Again

Despite the struggles that accompany opening and running a small business, entrepreneurs say they would do it all over again, a new report has found. According to a Gallup survey of small business owners across the U.S., more than 80 percent of entrepreneurs questioned said they would still go into small business if they had to start all over again. Surprisingly, this data has changed little in the past 11 years, even over the course of the Great Recession. In fact, the survey found, the recession did not spark regret among business owners despite the financial turbulence many found themselves facing during this time.

According to the survey, 84 percent of small business owners said they would still become a small business owner today, compared to 81 percent who said the same in 2003 and 78 percent who responded in kind in 2007. Thirteen percent of respondents said they would do something other than open a business, down from 17 percent who responded similarly in 2003 and a drop from 19 percent who said the same in 2007.

Survey finds benefits, challenges of owning a business

Gallup went on to ask participants about the greatest benefits of owning their own businesses. The greatest number of respondents – 42 percent – said “being my own boss/independence/being the decision maker” was the most rewarding part about starting and running their own company, while 17 percent listed “job satisfaction/sense of accomplishment/pride” as their top reward for heading up their own operations. Twelve percent said creating their own schedule and having more flexible time for family was one of the greatest benefits of entrepreneurship, while 11 percent cited interacting with customers as particularly rewarding.

Owning a small business is not always easy, though. Survey participants were asked to describe their biggest challenges when starting out in business. Nearly a quarter of respondents – 23 percent – said generating revenue and securing accounts and a steady customer base was their greatest challenge, while 15 percent said the same of cash flow and 10 percent said credit financing and gaining access to working capital had been a struggle at one point during their tenure as business owners.

Those looking to secure financing for the coming years as business owners in an increasingly competitive environment should consider speaking to professionals at National Funding to find out more about the financial options available to them.

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General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.