By: Robert A. Vandenbergh
If you run a small business now and need a boost in cash flow you are in luck. Money is available for companies with solid business plans. The U.S. Small Business Administration reports that small businesses based in New Jersey received over $81 million in loans in October, which is triple the amount from the prior year. According to the Star Ledger
in October, business loans to small businesses in the State rose 65% and the average loan doubled to a half-million dollars.1
This predicted expansion bodes well for small businesses seeking financing for needs ranging from building improvement and inventory expansion to equipment replacement. But before approaching your banker, review and prioritize your company’s needs and get your business plans in order.
There are a variety of business solutions
available today to help companies with funding. Whether looking for a commercial or small business line of credit to support working capital needs; boost to internal capital with asset based lending (ABL), long-term, fixed rate commercial mortgage to purchase warehouse space, or replacements for outdated equipment with an equipment financing loan, there are a number of solutions available for your business needs.
Money is available for small companies that qualify. The FDIC reported in mid-November 2010
that C&I loans grew 0.4% to $1.17 trillion indicating that banks have more working capital, equipment financing and other business credits on their books for the first time in two years.2
1 Star Ledger, Of Interest, “Small Businesses are Taking Advantage of Loan Incentives”, November 10, 2010, http://www.nj.com/business/index.ssf/2010/11/nj_small_business_loans_reache.html
2 FDIC Quarterly Banking Profile, Third Quarter 2010, http://www2.fdic.gov/qbp/2010sep/qbpall.html