A new survey conducted by Balboa Capital reveals that 95% of business owners in the United States will need additional working capital for their companies during the next 12 months. Balboa Capital sent its online survey to more than 300,000 business owners in a wide variety of industries to assess their financing needs and gauge their knowledge of working capital loans.
“Small and mid-sized companies have found it difficult to secure traditional business loans and lines of credit from banks and credit unions, but working capital loans are an excellent alternative,” said David Van Patten, Business Funding Director at Balboa Capital. “Based on the results of our extensive survey, many business owners are not familiar with working capital loans, and our goal is to make them aware of this convenient financing option. In addition to publishing the results of our survey, we developed a working capital loan whitepaper and working capital loan infographic, both of which can be downloaded free from our website.”
Key Results of Balboa Capital’s working capital loan survey:
- 95% of business owners will need working capital during the next 12 months for inventory, receivables, employee payroll and marketing, among others
- Nearly half of all business owners will need working capital for expansion efforts and/or new equipment purchases during the next 12 months
- 43% of business owners are not familiar with working capital loan options; 13% are very familiar with them
- 27% of business owners applied for a working capital loan at a bank; only 19% of them had their loans approved
- An easy loan application process, fast funding and solid reputation are the top three things that business owners look for in a working capital loan provider