Financing for Small Business: An Outlook

financing for small businessIf I had to pick one word to describe 2012, it would be steady. Steady growth as well as providing steady access to working capital. After the global economic fluctuations of the past few years, steady is a great place to be.

I see more of the same for 2013: continued steady growth. The plans we put in place in 2012 are bearing fruit, such as hiring Chris Curtin as National Sales Manager. He has already coalesced our sales team and sown the seeds for future growth. Since referral sources are key to Paragon’s growth, Chris has dedicated much of his time to developing new and existing referral relationships. As a result, our broker network is growing nationwide. I expect these changes to create more opportunity.

Even though we’ve begun to hear reports of increased economic activity, credit can still be hard to find in some areas and industries. These are still uncertain financial times for small business. The National Small Business Association’s (NSBA) recent year-end economic report says economic uncertainty is the number one challenge facing small-business owners. This is followed by regulatory burdens and health care costs. Furthermore, the NSBA said just over one-third (38 percent) of businesses anticipate their firms will grow in the coming year. The lowest this indicator has been since they began asking this question in December 2009.

A Silver Lining

Lending appears to be thawing somewhat, with 73 percent of small businesses reporting the ability to garner adequate financing. This is the highest this indicator has been in four years. However, the NSBA reports one in four small businesses still lack the necessary capital they need to move their companies forward.

The Good News: We Can Help

We are dedicated to supporting our referral sources, brokers, and small businesses with expertise, financial strength, and working capital solutions that can make the 2013 outlook a lot brighter. No matter the need – hiring staff, ordering inventory, or investing in new equipment – we are committed to being the go-to resource for small businesses looking for capital with invoice factoring, purchase order financing and other nonconventional programs.

Michael Rossi, President

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