By Terry Crispen
Going green and recycling may be old concepts but that does not diminish their effectiveness in helping to achieve sustainability. Oftentimes, we only associate sustainability with the environment, but sustainability is much more than that. Sustainability is what should drive business decisions today and into the future. The Great Recession, largely caused by markets that were unsustainable, dealt a blow to consumers and businesses. Analysts estimate that more than 170,000 small businesses ceased operations during the Great Recession. Now that the economy is rebounding, it is more important than ever for small business owners to remain focused on sustainability.
Today, alternative online lenders are the new rage in the financial world. They promise speed and often deliver in three days or less. The temptation is great for small businesses to access funds in such a short period of time. But are they making a sustainable business decision? Once interest rates reach the 20%-40% range, the cost of getting access to fresh capital severely limits a company’s ability to perform and grow long term. Although alternative online lenders offer quick access to capital, the high interest costs make the solution unsustainable for many businesses. (more…)