It’s no surprise that small businesses have a big impact on the U.S. economy. According to the SBA, there are over 30 million small businesses in the U.S. that accounted for 1.9 million net new jobs in 2018. For a look at small businesses’ profitability and their success when applying for financing, 12 regional Federal Reserve Banks collaborated on the Small Business Credit Survey, released in April 2019.
The survey, conducted in Q3 and Q4 of 2018, received 6,614 responses from small employer firms with 1–499 full- or part-time employees, in the 50 states and the District of Columbia.
SmartBiz Loans is particularly interested in this survey as our passion is helping small business owners reach their dreams with affordable financing. SmartBiz Loans facilitates SBA loans and bank term loans through a marketplace of lenders. We know that the right small business loan at the right time can help strengthen a business and fuel expansion.
An infusion of funds from an SBA or bank term loan can be used for working capital or to pay off existing high-interest debt. A low-cost SBA loan can even be used for a commercial real estate purchase or refinance.