By Joe DiNicola, Bank of America Practice Solutions Executive
Small business owners seemingly have endless decisions to make, whether they are getting their businesses off the ground or taking them to the next stage. With growth comes questions about how to staff and fund expansion, as well as when is the right time to pursue a loan. If it is the right time for your business, now more than ever there are a lot of options when it comes to getting the capital you need for your business. According to the latest Bank of America Small Business Owner Report, a growing number of small business owners applied for a traditional bank loan in the last year (24 percent), but nine percent turned to alternative funding sources.
There’s a lot to consider when deciding how to secure the capital necessary for your business, but with the right people and resources, it isn’t as daunting as you might think. I recently participated in a Google Hangout to discuss the current small business lending environment and what entrepreneurs should consider before borrowing. Here are some of my biggest takeaways:
You can view the full discussion with myself, USA TODAY columnist Steve Strauss and tax and finance expert Barbara Weltman, moderated by CNBC contributor Carol Roth, by clicking here.
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