2018 was a great year for small businesses. According to Mercator Advisory Group’s 2018 Small Business Payments and Banking Survey Series of 2,048 businesses, “4 in 5 small businesses expect revenue and profitability growth, including 1 in 3 that are very optimistic and 2 in 3 expect employment growth within the next 12 months since the survey. Loans are integral to small business survival and growth. In fact, 3 in 4 small businesses expected 2018 to be a good year for their firm to borrow funds to invest in new products and services and capabilities.”
So, what happened?
The economy has been strong and unemployment has remained at low levels. Interest rates have remained at reasonable levels as well throughout the year. Because of this banks and alternative lenders have been approving small business loans much more frequently. Additionally, businesses are moving their small business loan operations online and automating their approval process.
While banks are just starting this process, lenders like Qualifunds, have been helping small businesses online for years. Qualifunds has provided over 1 billion dollars to over 5000 small businesses in two decades.
If the economy remains steady there is no reason to think that this trend will not continue into 2019. It’s a great time to be a business owner and the time is better than ever to think about getting a small business loan.