Travel and Tourism is on the list of US government to help small businesses grow. The travel and tourism industry generated $1.2 trillion last year and also supported 7.6 million jobs. There are projections that this year, 65.4 million foreign travelers will be thronging US.
Small businesses can surely capitalize from the influx of tourists. But for this they have to equip themselves with necessary tools and resources for a profitable summer and tourist season. Planning and financing are crucial aspects. The financing part is taken care of by SBA along with free advice and counseling.
The New Jersey Shore area is a high activity zone where small businesses can really earn from visiting tourists. So, the SBA wants business owners of this area to stay equipped and is willing to finance the seasonal working capital needs of small businesses. SBA has plans to offer short term loans to business owners and has launched the CAPLines program. This program makes credit available on the basis of anticipated inventory and accounts receivables. It surely helps businesses facing seasonal sales fluctuation.
National Travel and Tourism Strategies have been introduced last month. The goal of the policies is to attract 100 million international visitors every year to the US. It is presumed that the visitors will add $ 250 billion every year. This will lead to generation of 2.1 million to 3.3 million jobs.
As far as the SBA support goes, in previous year, the agency gave 1,800 loans to tourism sector small businesses and the loans amounted to $2.2 billion. The agency now recommends small businesses to form strategies so as to attract earlier tourists to return to their business.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com