Small Businesses Seek New Funding Sources as PPP Ends
Monday, June 7th, 2021
With the most recent Paycheck Protection Program coming to an end, small businesses are depending on different ways to secure the loans and lines of credit they need to grow and stay ahead of the competition.
Applications, approvals, and funding for small business loans and credit linesare up substantially since the beginning of 2021, according to National Business Capital, the top FinTech marketplace that offers easy access to business financing for small businesses through its connections with more than 75 lenders.
"Small businesses were badly affected in 2020 by the coronavirus pandemic, but the outlook is turning quickly," said Joseph Camberato, chief executive officer of National Business Capital. While banks are tightening up their lending requirements, National Business Capital's Lender Marketplace is lending again at nearly pre-pandemic levels. Approvals increased substantially during the last quarter.
"Businesses across the country are picking up momentum fast," Camberato said. "Owners that are being proactive are starting to get back to pre-pandemic numbers."
National Business Capital has helped entrepreneurs by securing more than $1 billion in financing for small business owners since its founding. Small businesses can learn more at https://www.nationalbusinesscapital.com/.
Many entrepreneurs have found that they need additional financing, even if they received PPP funding. Small businesses are now learning about additional options for financing and that they can be approved for loans and lines of credit without needing real estate collateral.
"Things are changing fast for businesses, and for the better. It's so great to see" Camberato said. The unemployment rate in April was 6.1 percent, far below the 14.8 percent from one year earlier, and Camberato said that small businesses need to make moves now to take advantage of emerging opportunities.
"The business owners with capital and the right mindset are winning, while others who are waiting are falling further behind," Camberato said. "You have to take action and get back to business, the time is now."