![]() $100 Billion: Total other sources of small business loans in 2010. (Source: US Small Business Administration, Dept. $460 Billion: Total small business finance company loans in 2010. (Source: US Small Business Administration)Ħ3.0%: Percentage of small business applications approved by alternative funding sources (invoice factors, merchant card financiers, micro lenders, etc.) in April, 2012. Still, chances for a “yes” from alternative lenders are far better than at big banks.Ħ1.1%: Percentage of small business applications approved by alternative funding sources (invoice factors, merchant card financiers, micro lenders, etc.) in April, 2015. Small business loan approvals are virtually unchanged from a year ago. (Source: ) Other Small Business Funding Sources (Source: )ġ: Rank of Bank of America, among all US big banks, in rejecting small business loan applications. (Source: )ġ0.6%: Percentage of loan applications approved by big banks (assets of $10 billion or more) to small businesses in April, 2012. (Source: Federal Deposit Insurance Corp)ġ6.8%: Percentage of loan applications approved by big banks (assets of $10 billion or more) to small businesses in April, 2013. $598 Billion: Total small loans to businesses by 2015. A tip: Make sure you have your act together before you approach a bank. Technical advances put in place to speed up and streamline application processes appear to be helping. (Source: US Small Business Administration) Banksīig bank approvals are up by more than 50% over just a year ago, but have yet to rebound to pre-recession levels. of Advocacy)Ħ6%: Percentage of net new US jobs created by small businesses after 1970. (Source: US Census Bureau, Survey of Business Owners)Ģ2%: Percentage of small business-eligible purchases that actually were awarded to small businesses in 2011. (Source: US Small Business Administration)ģ%: Percentage of US startups securing more than $1 million in startup capital. $5,000 – $25,000: Average startup capital needed secured by new businesses in the US. $1.2 Trillion: Total small business borrowing in 2015. (Source: US Small Business Administration.)ĥ0%: Percentage of small businesses admitting to have cash flow problems in the past year. But growing companies appear to be stretching their resources, and remain an engine of economic activity, growth, and employment.Ģ8.8 Million: The number of small businesses (<500 employees) in the US in 2016. High levels of small business debt remain. All information provided represents the most recent available. Where appropriate, the dates or time periods reflected in the data are noted. ![]() ![]() A short introductory comment is followed by the relevant information. Sections include Small Businesses and Borrowing, Banks, Other Funding Sources, and Invoice Factoring. To give you a feel for the big picture regarding lending, credit, and sources of funding, MP Star Financial has pulled together a by-the-numbers compilation of data culled from a variety of public sources. Business owners continue to seek alternative sources for their funding needs.Business credit, while improving, remains very tight.By the Numbers: Small Business Funding (and Invoice Factoring)Įconomy is on the rise, but for small businesses and startups two facts remain unchanged:
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