Looking for a loan to grow your small business? Nearly 60 percent of U.S. small business owners that need a loan fail to take the most basic step.Indeed, they fail to comparison shop loan rates and terms online during the application process. Moreover, only 24 percent of small business owners went online to research financing and funding options for their loans, according to a mid-2015 LendingTree survey.Among the other survey findings:Top 3 struggles of obtaining a small business loan 22% - Gathering required documentation 20% - Long application process 16% - Speed of approval Borrowing Amount 18% of borrowers were seeking loans of less than $10,000 36% were seeking loans between $10,000 and $50,000 46% seek $50,000 or more. Specific Business Need 22% of applications were for a new business 33% for working capital (cash-flow, day-to-day ops, payroll, etc) 20% to purchase or lease equipment 17% for debt consolidation/Relieve existing debt To repeat the survey's key finding and recommendation: Need a loan or financing? Shop around -- and check our Channel E2E Funding Database, too.
Sales and marketing, Small business
Small Business Loans: What Entrepreneurs Forget to Do
Joe Panettieri
Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.
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