While small-business owners may not be able to predict the future, some recent events could give them hope. One of the more notable recent figures comes from the Thomson Reuters/PayNet Small Business Lending Index, which increased almost 10 points between October and November 2016.
According to Reuters, it’s not just significant because of the amount but the timing, since this “bounce” comes after half a year without any increases. An unavoidable element of this news is the implication of the recent election and uncertainty accompanying the incoming administration. The source did say that small business lending can be a good indicator of growth, but this could still simply be a momentary change.
“Small-business owners can try to research possible loan options.”
Along with cautiously watching the trends coming this year, it’s possible for small businesses to also see it as a chance to implement new technologies altogether, placing themselves in a new category.
A year ago, SMB Group saw this as a defining trend for the new year, with SMBs tied increasingly to technology. According to this report, 29 percent of these companies at the time saw technology as a possible benefit to “business outcomes.”
With the Small Business Administration falling under new management and a different president coming into the White House, small-business owners can try to research possible loan options while they have the chance. Growth Capital offers loan programs that could help businesses make improvements, including purchasing new equipment or upgrading older facilities.
The Ohio 166 Regional Loan Program, for example, covers fixed asset financing for the purchase of machinery, as well as property acquisition for certain for-profit businesses. This can cover as much as half of a project’s total cost. Contact us or sign up for our mailing list here to learn more about Ohio SBA loans.