Bootstrapping Becomes Mainstream
Bootstrapping means “having less financing costs and finding alternative resources to achieve success,” according to Core Brand, and it’s going to be the new way that companies finance their businesses.
It’s commonly known now that banks aren’t lending to small businesses as much as before the economic recession, and smart companies are finding alternate ways to finance their business, often with alternative lending options like a loan from National Funding. The new rules in SBA lending that came into effect on January 1 add to the complexity of getting a bank loan. It’s going to take longer to get approved, and the rules for approval are going to get stricter, according to the Daily Press. Banks have to learn the new regulations, and it’s going to take some time to figure out how the system works. Additionally, The patriot express loan program has been terminated, so businesses hoping to rely on that will have to find other options.
In Louisiana, small businesses are growing, according to Advocate, and 20,000 jobs were added by small businesses in December across the country. There is also the phenomenon of the local “artisanal” businesses that are replacing bigger brand names by offering a higher quality product that has been designed for a small, batch audience. This is in opposition to the one-size-fits-all that larger companies produce.
These companies are joining the growing number of small businesses that are expanding their businesses with alternative lending.
The outlook for the U.S. is good. “When combined with a drive for success among its workforce, new innovations, lower borrowing and marketing costs, the U.S. will become even more competitive globally with its manufacturing efforts,” said Core Brand.
Consider a business cash advance from National Funding. They can have cash in your bank account within 24 hours of receiving your application.