U.S. business borrowing from banks is slowing, suggesting firms are seeking alternative avenues of financing. Tight bank loan restrictions have led small businesses to look elsewhere for financing.
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index indicated that March’s new business leasing volume came to $6.8 billion, a 45 percent month-over-month increase.
Although a small business owner may enjoy the cost-effectiveness of equipment leasing, other benefits exist as well, especially when it comes to tax deductions.
A recent survey found small business owners lag far behind in directing resources toward online advertising. Small businesses directed more marketing dollars toward traditional mail than social media.
Without the proper safeguards on their digital information, many small businesses are at risk of cybercrime and data breaches. A recent survey found half of small business experienced a data breach, but only a third notified those involved.