6 Myths About Small Business America Debunked
Small businesses are transforming the US economy each and every day. They create jobs, spark innovation, and make communities stronger. Small business is the engine of job creation in America.
Small Businesses in the US. Small Business Funding.
According to “The State of Small Business in America” report by Babson College, more than ½ of survey respondents look for access to capital over the last 2 years. The survey includes more than 1.88 small business owners across the US, all employers with at least 4 employees and $150.000 in revenues.
The respondents report they were able to get less than half of what they had applied for. The survey participants note the following factors that would make it easier to access capital: more flexible terms from lenders, smaller minimum loans, and less paperwork.
If you need to get a merchant cash advance or another types of business funding, consider turning to First American Merchant, an award-winning high risk alternative online lender and processor that has an A+ rating with the BBB. FAM offers exceptional business financing opportunities and the lowest possible rates to merchants of any type. The application process is simple and hassle-free.
Myths and Truths About Small Business America
Small businesses serve as the backbone of America. However, there are many myths about small businesses that need to be busted.
- Mom-and-Pop Shops Are Dying
In fact, a 2014 measure by Wells Fargo showed small business optimism had increased 6 of the last 7 quarters. According to the National Retail Federation, over 98% of all retailers in America are small businesses ─ companies with fewer than 50 employees. 90% of US businesses are family-owned.
- Walmart Is the BiggestChallenge
Wal-Mart Stores, Inc., doing business as Walmart, is an American multinational retailing corporation that operates as a chain of hypermarkets, discount department stores, and grocery stores. Increasingly, it’s not the Walmart that creates challenges for mom and pops, but online retail companies like Amazon. The good news is that you can take plenty of practical steps to make the Amazon effect work for you and make your businesses more sustainable.
- Mom-and-Pops Are More Successful in Small Towns
In fact, urban mom-and-pops are seeing a bigger revival as compared to Main Street businesses.
- Most American Businesses are Large Corporations
In fact, over 99% of employing organizations in America are small businesses, and 95%of these are very small (employ fewer than 10 people).
- Most Americans Work for Large Corporations
In fact, most Americans work for small businesses. Small businesses createmore jobs than large ones. Between the middle of 2009 and the middle of 2013, 60% of the jobs created were from small businesses.
- Job Growth Is Driven by Large Employers
The existing small businesses in the US represent 99% of all employer firms, employ about half of the workforce, and account for over 60% of the private sector’s net new jobs.
Small businesses play a crucial role in the US economy. To get the best for your small business needs, turn to the right business funding specialists in the field.