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More on Small Business Financing

1/4/2012

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Yesterday, we began an overview of alternative funding arrangements for small businesses.  I revisit the topic today because there is so much good news in this area.  In the Wall Street Journal today, Angus Loten outlined areas where rates for small business loans, frequency of lending, and loan repayments are improving.  Naturally, Bank of America continues to "buck the trend" of loosening credit, reinforcing the idea that it pays to shop around for lenders.  According to Loten, there are signs that the US economy has hit bottom and even if you have applied for a loan and previously been denied, it might be worth another try.

Before the New Year, Loten outlined the bold moves being taken by some entrepreneurs in light of these signs of improving markets.  One of the main indicators of an improved economy, he argues, is that leaner-meaner staffs have been pushed to the limit and hiring is slated to increase.  Small business owners have cut back each year for several years, and there might not be any more cuts left to make.  Accordingly, bolder managers will increase spending to break out ahead of the pack in terms of attracting good talent at lower-than-2006 prices and growing market share before more conservative competitors. 

Remember, your intellectual property is valuable.  As you prepare to apply for financing, be sure to include those intangible aspects of your business that give you an edge over your competitors.  This will make you a better bet for lenders, and may give you more leverage for getting a good rate. 

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