Finance & Lending

 

07 31 2015

Best Time To Get Small Business Loans

07 31 2015

Why Now Is A Great Time For A Small Business Loan

Finding the right time to apply for a small business loan can sometimes be a Catch-22. On the one hand, owners need to know they’re obtaining the loan during a strong business cycle so they can optimize the funds while consumers are out spending on goods and services. On the other hand, sometimes it’s the poor business environment itself that forces the owner to apply for a loan because nobody is buying anything.

While applying for a small business loan requires owners to gather all their important financial statements and business documents first – which can be a time-consuming process, in and of itself – there are other factors owners should consider before seeking alternative funding. One of the best metrics to use when establishing a good timeline for a business loan is small business owners’ confidence levels.

Strong confidence levels

Using owners’ confidence levels as a determining factor would indicate now is a great time to seek out a small business loan. Currently, business owners are optimistic on their chances for growth through the end of the year. According to a recent Business Confidence Survey by Insperity, Inc, a leading provider of human resources and business performance solutions, 54 percent of small-business owners expect a sales increase in 2015, not much lower than the 58 percent registered in the poll last year. Additionally, 56 percent plan on keeping current staff levels, a 2 percent increase in this category year over year.

“Compared to July 2014, business owners are a bit more conservative operationally, but continue to implement growth plans wherever possible,” Paul J. Sarvadi, Insperity chairman and chief executive officer, said. “The survey results suggest over 50 percent of respondents still expect sales to increase for the remainder of the year – and that remains a positive indicator for near-term economic activity in the small business sector.”

Consumer side

Not only are small business owners confident that sales will be rising through the end of the year, American consumers are also siding with small businesses as well. According to a recent Gallup poll, 67 percent of Americans responded to having “a great deal” or “quite a lot” of confidence in small business. Meanwhile, only 21 percent of respondents felt similarly confident in big business.

This represents a 5 percent uptick from last year and bodes well for this sector of the economy in the coming months. Aside from the military, small businesses remain the only national institution polling above its historical average, going back roughly twenty years. Even during the height of the 2007-2009 financial crisis, small businesses were the one group respondents still felt confident in. While confidence in big business has never been particularly high, it peaked at 34 percent in 1975 and has slowly eroded ever since, only to bottom out in 2009 at 16 percent.

Since small businesses account for a sizable majority of jobs for many Americans, it makes sense they would place their trust in the businesses that employ them or their friends and family. In addition, due to their smaller size, small businesses are more likely to be run by individuals involved and in tune with the needs of the local community, as opposed to big corporations who are run by faceless boards of directors far removed from the day-to-day aspects of everyday life.

With over half of small-business owners confident in the economy moving forward, and an overwhelming majority of American consumers having confidence in the small businesses, now is a great time for owners to take advantage of a small business loan to grow their company.

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Terms & Conditions

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 United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, a street address, date of birth, and an identification number, such as a Social Security number, that Federal law requires us to obtain. We may also ask to see your driver's license or other identifying documents that will allow us to identify you.

 

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.