If you’ve been looking for financing for your small business, you’ve most likely considered taking out a loan. Unfortunately, most banks view small businesses as a risky investment, but one way to boost your chances to secure a loan is to understand what lenders will analyze when considering your application. Lenders use the 5 C’s of credit to measure your “creditworthiness” and your ability to repay a loan.
Access to Capital
Timely information on small business financing needs, decisions and outcomes is critical to understanding and fostering the sector’s health and growth.
To provide these insights to policymakers, researchers and service providers, the Small Business Credit Survey is a national collaboration among the 12 Reserve Banks of the Federal Reserve System. In 2016, it yielded 10,303 responses from small businesses with employees, or employer firms across the country.
The Philadelphia Capital Consortium, an initiative of the Philadelphia Department of Commerce, was launched last summer to help improve access to capital for small businesses throughout Philadelphia. The consortium is taking an innovative approach to getting capital into the hands of small business owners. Read more here.
The merchant cash advance industry runs largely unregulated. People who take out these high-interest loans often put their livelihood and business at risk as they struggle to keep up with the payments.
Small Business Majority and Kiva are working together to help entrepreneurs access the capital and resources they need to successfully grow their businesses. Read on to learn about Kiva and see how you can leverage Kiva’s network to get 0% interest capital for your business. And to learn more about funding options for your small business, join us on October 5 for a free webinar with Kiva.
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Corwin Heatwole describes himself as quite the stubborn – though innovative – teenager. Leaving home at 17 years of age, this hardworking young man from Harrisonburg, Va. started several successful businesses in his early 20s before he discovered that there was a growing demand for organic chicken in the U.S. In 2013 he bought 300 chickens with not one buyer yet in sight. Now, with the help of USDA, he has more demand than he can handle.
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