We don’t have to tell you that the economy has been hard on small businesses over the past few years or that obtaining financing through traditional means has been difficult, if not impossible. The Small Business Administration (S.B.A.) closed programs which guaranteed smaller loans and expanded it’s reach to guarantee larger loans. The small business was pushed aside and left to struggle on it’s own.
Now, the S.B.A. is encouraging banks to make smaller loans by waiving fees it charges to the banks and reducing the amount of paperwork required. Sounds good! Let the small business owners line up and get the money rolling! Unfortunately, this is not happening. The fees that the S.B.A. is waiving to entice banks to make smaller loans to small business has little effect on the banks. Typically, the banks pass these fees onto the borrower and roll them into the loan itself. As for the paperwork reduction, it hasn’t happened. The banks are still requiring the borrower to submit hefty documentation.
The S.B.A. has good intentions and clearly sees the need to provide small loans to help the small local business owner. The efforts tried to date, though, have not been good enough. As the S.B.A. continues to advocate and devise a workable solution, small business owners can turn to National Business Capital to obtain the financing they need. With minimal paperwork and fast turnaround, small business can stay in business with funding by National Business Capital! Call today to learn about our many programs!
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.