While snow is falling the news is good coming from the Ninth District according to the November 28, 2012, Federal Reserve Beige Book. Travel and tourism activity surpasses that of the same time in 2011. Even Sioux Falls, SD was trending above last year’s levels with prospects for a good 2013, which indicates the good news is not limited just to the Twin Cities. The results were also encouraging for the Duluth, MN area.
The services industry is gearing up for the New Year along with tourism. According to the report 59% of engineers and 36% of architects have seen increases over the same period in 2011. Noteworthy is the fact that a marketing consulting firm reported a large increase in demand from firms that are beginning to offer new products and services. New small business owners and entrepreneurs are entering the commercial world for the first time or are gearing up for the increases in supply and demand being anticipated in the first quarter of 2013.
With the recent recession many of these smaller companies just do not have the ways and means to add inventory or staff. Their credit ratings have been affected by slower sales in the past 36 months. They want and need additional funding to remain competitive in the market. Internet sites like Biz2Credit help people looking for small business loans, lines of credit and other types of funding by matching small business borrowers with lenders who take into consideration credit scores, cash flow and accounts receivable.
Biz2Credit Small Business Lending Index reports that smaller banks making small business loans decreased approvals 49.2% in November from to 50.1% in October. However large banks only approved 13.2% of their deals. This exemplifies why it is so important for the small business owner to connect with a lender who will consider his business in total when making loan decisions. Using a platform like Biz2Credit saves time and enables entrepreneurs to find small business loans ranging from microloans of $5,000 to equipment loans or building loans of $2 million. Lenders include big banks, community banks, credit unions, and alternative lenders, such as cash advance companies and non-profit microlenders.
This article was submitted by Mary Branca, she has a Bachelors of Journalism from the University of Georgia and spent 20 years in marketing management with national companies in the Southeast, Northeast and Midwest. She has combined her marketing experience with her passion for writing.