82. The percent of micro business owners that didn’t seek funding to grow their business last year.
In a recent survey conducted jointly by four federal reserve banks, the state of small business lending was presented with statistics that are not all that surprising. The Federal Reserve discovered that, last year, only 18% of micro business owners* applied for a loan, compared with 30% of small business owners**. Poor credit and lack of confidence in repayment ability can be paralyzing in the decision to seek funding. And that fear is not unfounded. 45% of denied applications referenced poor credit as the #1 reason.
Delayed business expansion, incapacity to fulfill orders, and inability to hire new employees. Whether through not applying or being denied, this not only impacts a business, but the individual, family, and community behind it. That’s why Accion is driven to support these small businesses, committed to supporting businesses, families, and communities across the United States.
Accion believes that everyone should be able to start or grow a business with the backing of someone who believes in them. That’s the Accion difference. With small business education programs and trained loan officers located in most cities across the US, Accion offers support and advice rather than just a loan.
This year, Accion is committed to helping those 82% of micro business owners find and receive the funding needed to grow their business.
Don’t be part of the statistic. Apply today.
Interested in helping Accion make a difference in the community in which you live or work? Find out how.
Want to read more about the state of small business lending? Read the full report.
*Revenue under $250K
** Revenue under $1M
All statistics derived from The Federal Reserve report