Over the last few years, businesses have found it difficult to get funding for their endeavors, forcing owners to simply kept their heads down and try to make it through hard times. With the economy in the depths of a recession, money was tight for everyone, and consumers were keeping their bank accounts tightly managed. Now that the market has begun to turn around and a warm holiday season is expected, commercial loans are becoming easier to secure.
Funding and financing
Companies may have been reticent on looking for loans in the past few years, but there are a number of community banks and larger entities as well interested in providing financing to small business owners.
The Sacramento Bee wrote that underwriting and approvals for commercial loans have been relaxed as the real estate market tries to find its footing. Since fewer entrepreneurs were seeking financing in previous years, banks have more money on-hand and a greater interest in enticing new clients to sign up for premium loan packages.
The source stated that bankers want companies to understand that funds don't need to go into new buildings or big physical assets – technology is one of the biggest and most expensive solutions that financing can benefit. Mobile devices and advanced computers make workers and businesses perform better, helping small entities realize a maximum return on investment with money received from new loans.
Finding other sourcesFor those still having difficulty getting their hands on loans, there are non-traditional resources at the ready to assist in getting money for business endeavors. The Wall Street Journal wrote that Amazon is finally coming into its own as a major lender and financier, providing Amazon Payments as a direct competitor to PayPal, and creating a credit card just for business owners with prime interest rates and rewards.
Entrepreneurs are finding it easier now to open an account and get a vein of financing going, expediting industry of all kinds all across the country. As businesses become more proliferate, so too does the economy flourish, encouraging spending in all sectors and helping companies to grow even more.
"In this environment, we don't want to stretch our budget any more than we already have," said Dennis Erber of Noblesville, Inc. told The Wall Street Journal. Getting commercial loans can give small businesses that little bit of extra room to wiggle that they may need right now to increase revenue.