It's time to celebrate America's small businesses and the big contributions they make in our local communities and to our national economy. National Small Business Week, April 30 – May 6, 2017, is also our chance to salute the small business owners who create two out of every three jobs for Americans. Despite being the key to our nation's recovery after the recession, many small businesses cannot get the funding they need to expand their operations.
According to the SBA, there are 28.8 million small businesses in the United States employing 58.8 million workers. In fact, small businesses consistently contribute to economic growth because they create so many jobs, many more than large businesses do. Yet, according to the National Small Business Association's 2015 Year-End Economic Report 27% of small businesses claimed that they weren't able to receive the funding they needed for growth.
With small businesses accounting for 99.7% of all U.S. employer firms, it is imperative that we aid them in obtaining access to critical funding. Besides hindering growth, lack of funds eventually forces small businesses to lay off employees. According to a U.S. Bank study, 82% of businesses that fail do so because of cash flow problems.
The SBA 504 Loan Program is designed to help these businesses fund their growth and create the critical jobs needed in their communities. 504 loans provide businesses with financing for major fixed assets such as office buildings, retail buildings, warehouse facilities, machinery and equipment. With low down payments, below market fixed interest rates, and longer amortizations, the 504 Loan Program allows small businesses to reach their potential and continue to support our nation's economy.
To learn how to partner with Community Business Finance in offering the 504 Loan Program, or to obtain a 504 loan, contact our offices:
In Louisiana, call Jeanne Bergeron at 1-800-462-1017, ext. 203, or email her at firstname.lastname@example.org.
In Texas call Bill Ebersole at 713-457-1650, ext. 201, or email him at email@example.com.