Unsecured Financing Options
OVERVIEW OF FINANCING PROGRAMS
Alternative Small Business Capital Options
Only 16% of small businesses that seek financing receive the full amount they need. According to an NSBA survey, 33% of businesses using credit cards carried monthly balances of more than $10,000. However, unpredictable interest rates and personal guarantees on large balances make it impossible for business owners to finance growth with credit cards.
According to the Pepperdine Capital Markets Survey, companies with less than $5 million in revenue stated that the policies most likely to lead to job creation would be:
- Increased access to capital: 36%
- Tax Incentives: 23%
- Regulatory Reform: 18%
A the same time, 47% of respondents said access to bank loans declined from six months ago.
Shearson is able to help. The amount of time and effort that most banks are willing to invest in deciding whether to grant a small business loan is a fraction of the time they would put into making a decision about a multi-million dollar loan for a large business. Because of this, small businesses often find themselves shut off to conservative bank financing. Shearson takes a different approach. We aggregate electronic data from online banking, merchant processing, accounting software, and social media to create a highly accurate profile of the financial health of our customers’ business. Our technology brings new access to capital for Main Street. We can make loans entirely online within hours and we do not merely rely on more extensive paperwork, personal guarantees, credit scores, or collateral.
SMALL BUSINESS IS OUR BACKBONE
We understand Small Business. According to the Small Business Administration, small businesses represent 99.7% of all employer firms and employ more than 50% of private sector employees in the US. Over the past 15 years small businesses have generated 64% of the net new job growth. In terms of Gross Domestic Product, small businesses create more than 50% of the nation’s nonfarm GDP.
“Small businesses produce most of the new jobs in this country. They are the anchors of our Main Streets. They are part of the promise of America – the idea that if you’ve got a dream and you’re willing to work hard, you can succeed. That’s what leads a worker to leave a job to become her own boss. That’s what propels a basement inventor to sell a new product – or an amateur chef to open a restaurant. It’s this promise that has drawn millions to our shores and made our economy the envy of the world.”
President Barack Obama, September 2010