The Great Recession caused many businesses to shut down or scale back operations, but now it finally seems we’re in the clear and people are ready to spend money again. While small business optimism remains high, some are still a little weary of hiring new employees as well as receiving small business financing. This data may help you make a decision
According to the National Small Business Association’s Mid-Year Economic Report, 40% of small business owners believe the economy is in a better position than it was in 2008, which is the highest it’s been in five years. Other business owners say they are expanding their operations and are experiencing better sales than in years past. But despite the optimism, only 26% of small businesses are thinking about hiring in the next year. Over the past six months, only 18% increased their number of employees and a staggering 57% didn’t add a single job.
So what does this tell us about hiring trends among small businesses in the U.S.? Why are so many unwilling or unable to bring on more hands? According to the NSBA, one of the issues is financing.
Issues relating to credit seem to still be plaguing small business owners when it comes to small business financing. Among business owners polled, 69% have said that they are being affected by poor or average credit, and only 65% say that they can receive suitable funding, a sharp decline from just six months ago when 73% said they could.
So what about your business? Are you feeling that future uncertainty is impacting whether or not you’re hiring more or less employees? What can business owners do with average or marginal credit? With AmeriMerchant, options include either a Merchant Cash Advance or Main Street Business Loan. In terms of credit, both programs start at a credit score of 500, making them applicable for a wider variety of business owners. We don’t want you to worry about having so so or bad credit, we know things happen in business. That’s why we pride ourselves in working with your business.
If you have any questions about small business financing and would like to inquire about our Merchant Cash Advance and Small Business Loan program, we can assist your company in receiving extra cash.
Contact us today by filling out the form on this page or by calling us at 1-800-267-3790.