Recent data shows that the provision and use of business finance has risen. It also shows business spending and investing are on the up too. nd that’s a boon for the economy today and tomorrow, according to the experts.
Upbeat Reports
Analysis from Biz2Credit shows a record high level of small business lending by the big US banks, during July 2017. Indeed, Biz2Credit’s CEO Rohit Arora was particularly sanguine. "Overall, I would say that bank lending is stronger now than at any other time since before the Great Recession,” Arora said.
Separately, US Commerce Department statistics were upbeat. Figures highlighted a larger than expected increase in business spending during July, driven by new order for US-made capital goods. This tallies with previous monthly business spending gains – for companies big and small – boding well for the future.
Small businesses make up the majority – around 99% – of employee firms across the US, according to research from the US Small Business Association, (SBA). Therefore, when businesses, small businesses in particular, borrow and spend more, it’s economically beneficial.
That’s because it:
- Provides more employment for the country.
- Tends to encourage more export activity.
- Fuels consumer spending.
Don’t Miss Out on the Small Business Lending Boom
When confidence is high, lenders are lending and small businesses are borrowing, it’s a good time to reassess your situation. If you’re in the right position to take advantage of the good will, good rates and good access to small business loans, it could be the right time to do so.
You have many options, from big banks, to small banks to an array of reliable alternative lenders. But first, consider carefully what kind of spending would benefit your business. There are a number of areas that small businesses could invest in to potentially boost their profits.
They include:
- Employee growth.
- Premises expansion.
- Invest in major new equipment.
- Plan an IT systems overhaul.
- Advertising campaign.
Take your time to identify the spending that would best help your business. But, be sensible about the kind of finance you could expect to secure without repayments that will make life difficult.
Remain Confident
Confidence tends to be based on some facts mixed with strong, specific beliefs, but there’s always a chance at last some of that confidence may have been misplaced. Don’t take too big a risk with your financial plans. You can, however, take a calculated risk – one your lender agrees with too.
If you secure the right size business loan, for the best investment and from the right lender for you, that’s the right start. And going forward, you’re sure to make the best decision for your small business to thrive and continue supporting you, the local economy and the broader US economy.
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