By: Matthew Gillman –
Many small business owners have experienced, or are continuing to experience, the harsh impact of the COVID-19 pandemic. In navigating through this tough time, many company owners have sought to apply for financing to keep their doors open.
That said, small business owners are not always seen as the most desirable loan candidates in the eyes of lenders. In fact, the latest Small Business Credit Survey published by the Federal Reserve Banks revealed that the approval rates for small business loans, credit lines, and merchant cash advances all declined after the onset of the pandemic. (more…)
You know the old saying, “You have to spend money to make money.” Growth takes capital, and for a lot of small businesses, that extra cash is going to come in some form of debt.
Businesses have been struggling as a result of the pandemic and the negative shift of the economy. Most small businesses have had to reframe their operations in these difficult times. And small businesses owned by veterans are no exception.
Yes, the business world can be very competitive and harsh. But it doesn’t have to stop you from thriving. While competition is unavoidable, there are also endless opportunities to collaborate with other businesses in order to diversify your audience, reach new customers, and improve your products or services.
As a business owner, you have to be a lot of things. You need to be innovative, confident, goal-oriented, passionate, and persistent – to name a few. What you should NEVER be? Stagnant.