Tag Archive for 'working capital'

RESULTS: Where would you go for a business loan?

The Question:

If you needed a business loan for for equipment or working capital, which of these sources would you go to first?

16% - One of the major national banks
69% - A local community bank
12% - A credit union
3% - Crowdsourcing loan
Jim’s Comments:
As you can see, almost 7 of 10 of our small business audience use community banks for business loans. This is interesting because according to the Independent Community Bankers of America (ICBA), nationally almost 6 of 10 small business loans are made by community banks. The big news for this poll is that crowdfunding registered for the first time. The number is small, but this credit source essentially didn’t exist a couple of years ago.

I’m going to have more to say about this, including the implications of all of the responses for small businesses and credit organizations in my Feature Article next week. Stay tuned.




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