Only 51% of Businesses Survive at Least Five Years.
Tempe, Arizona | September 10, 2010 | According to the latest census data on small businesses Only 51% of all small businesses will see their fifth year in operation. Small businesses play a key role in the nation's economy, but if bankruptcies continue to climb and small businesses steadily go under, this recession could take longer to end. One of the most important factors in business survival is adequate funding to adapt in this changing economy.
The hardships of this recession have changed how consumers spend money. New lending restrictions have banks choking off the credit they lend to small businesses, making it significantly harder to get a loan – impossible for many. Businesses need to be able to adapt to the changing nature of their clientele. Even with cheap advertising through the use of social media, a truly new approach to doing business in this economy can be an insurmountable problem for a business owner without adequate funding.
Small firms have played a vital part in leading the way out of economic hardship in recessions past. While nearly 70% of small businesses will survive past two years, the stark reality that only half will make it to their fifth year poses a problem to the economic recovery of the nation. More than 99% of all employer firms are small businesses and they provide over half of the jobs for the American work force. Merchants cite a lack of funding a major reason they can't survive in this economy. With the new bank restrictions that prevent small business owners from obtaining working capital, merchants have been turning to an alternative form of financing – Merchant Cash Advance.
A Merchant Cash Advance offers business owners quick and easy access to working capital. It is not a loan or a form of credit. Merchant Cash Advance firms issue business owners cash in return for a small percentage of credit and debit card transactions until the advance is paid back. And advance is easier to obtain than a traditional loan, merchants aren't penalized for slow business as they are with a loan, and most advances are paid back in under a year. “Adequate funding is essential for a small business these days. Fastpoint Financial can help,” says company president Grant Atkinson. “Our simple application process and quick approval time can get business owners the capital they need now.”
Merchants can take advantage of a Fastpoint Financial Merchant Cash Advance immediately so they won't be part of the half who's businesses don't survive to five years. For more information about Fastpoint Financial please visit their website at http://www.fastpoint.com. Company President Grant Atkinson is available for interviews. Please call or send and email for an appointment.
Contact:
Grant Atkinson
grant@fastpoint.com
4700 S. McClintock Dr.
Tempe, AZ 99999
800-867-5309
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For more details on the information in this release, please see:
http://www.sba.gov/advo/stats/sbfaq.pdf
