By Joe DiNicola, Bank of America Practice Solutions executive
Access to capital is a vital component of growth for small businesses. While credit demand was lower in the years immediately following the 2008 recession, the lending market is much more fluid now. According to the spring 2015 Small Business Owner Report, 39% of small business owners said they have applied for a loan in the past two years, up from 28% a year ago. In addition, 19% of small business owners intend to apply for a loan this year, compared with 14% a year ago. And these numbers are even higher among younger small business owners.
In light of the importance of access to capital for small business owners, this month’s installment of the Bank of America Small Business Social Series discusses how to help entrepreneurs prepare, negotiate for and secure capital. Click the video below to watch.
Carol Roth, author and CNBC personality, hosted the discussion. Participants included myself, as well as Barbara Weltman, Publisher of Idea of the Day® and Big Ideas for Small Business®, and Steve Strauss, author and small business columnist for the USA TODAY.