FINANCING & BUDGETING • May 14, 2014
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Since 1963, America has celebrated National Small Business Week, an entire week declared by the US Small Business Administration (SBA) to recognize the critical contributions of America’s entrepreneurs and
small business owners. According to the SBA, more than half of Americans either own or work for small businesses. In fact, those businesses
create roughly two out of every three new jobs in the United States each year.
Despite the national effort to recognize and honor small businesses, gaining access to working capital remains a major challenge for small business owners today. A survey conducted by CAN Capital in April1
revealed that 60 percent of small business owners find gaining access to working capital to be quite or extremely challenging, with over 36 percent of respondents having lost significant revenue due to lack of access to working capital.
In fact, half (50 percent) of those surveyed reported going to friends and family to obtain funding for their businesses, rather than accessing capital through a financial provider, be it traditional or alternative. Our survey found that many small business owners may not have a true understanding of the alternative financial options available to them—72 percent never even considered loans from providers other than banks, and 90 percent never considered the option of a Merchant Cash Advance.
CAN Capital is working hard to educate small businesses on the different financial options that we make available, so that businesses may obtain the working capital they need, whether in large or small amounts, to fit their needs. Through this, we are building lasting relationships with our customers; three out of four eligible customers return to CAN Capital when they are in need of additional funds.
To date, we have provided access to more than $4 billion of funding to over 55,000 businesses in 840 industries, and we cannot wait to continue this journey with the new small businesses growing all around the country. Every day we are impressed by the business owners and teams we work with, and we are so grateful for the opportunity to be a part of their daily contributions and services to their local communities.
To show our appreciation and celebrate National Small Business Week, CAN Capital has created a new online video series featuring the unique success stories from some of our most dynamic customers. The series,
“Faces of Funding,” is available on our YouTube channel and provides the opportunity for small business owners to tell their stories to a much larger audience and hopefully inspire others to do the
same. At CAN Capital, we encourage small business owners to share their challenges and successes with their peers via our Facebook and LinkedIn pages, where we hope to extend the spirit of National Small Business Week and continue to build the small business community.
1 Percentages are based on the responses collected from a survey of 550+ American small business owners, ages 18 and older using SurveyMonkey and SurveyMonkey Audience. The survey was
run between March 31, 2014 and April 8, 2014 by CAN Capital and SurveyMonkey.