Why Small Business Loans Are Crucial to New England’s Economy

Why Small Business Loans Are Crucial to New England’s Economy

March 26, 2015: In New England, small businesses are the blood of the local economy. That’s why it’s crucial that they get the capital they need, even if they don’t qualify for conventional bank financing. These are a few of the reasons why business loans are critical to New England’s continued growth:

Provide Employment Opportunities

According to the U.S. Small Business Administration, small businesses are to thank for 66% of the new jobs created each year. Clearly, they are important to New England. When small businesses financing is approved, business can create new jobs. And when there are more people making money in New England, there are more people spending money, which benefits everyone from the mom and pop shops to the large grocery chains.

Survive the Ebbs and Flows

One trait that New England small businesses are known for is the ability to adapt quickly. When the economy starts to change, small businesses make adjustments accordingly. Small businesses are also notorious for their loyal customers, who are more likely to continue supporting their favorite stores even if times are tough. But still, without access to the small business capital they need during the ebbs of the economy, they wouldn’t be able to stay afloat.

Improve the Local Government

When small businesses are able to get business loans, they are able to make the improvements they need to boost their sales. As a result of their increased revenue, they will end up paying more taxes—including local taxes that go straight to New England. These funds are used to help the schools and the local fire and police departments.

Expand Even Bigger

Just because a company starts out small, that doesn’t mean they are going to stay that way. Some of the largest companies out there began as a small business (does Microsoft ring a bell?). With the help of small business loans, New England small businesses are able to get the capital they need to grow. And if they are able to grow their businesses, that means more jobs and more money going into the local economy.

As you can see, offering small business loans to everyone, even if they don’t qualify for conventional bank financing, is critical to the growth of New England. Are you looking to increase your small business capital? Contact Worth Avenue Capital today. We would love to go over your options with you.