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p A June rsquo;10 study by the Office of Advocacy of the U.S. Small Business Administration (SBA) shows that 4 out 5 small businesses in America nbsp;rely on some form of credit (a href=http://www.sba.gov/advo/research/banking.html target=_blanksource/a). nbsp;nbsp;The studyrsquo;s finding nbsp;relied on data collected from the Surveys of Small Business Finances (SSBF) and was consistent over the three previous years the survey was conducted (1993, 1998, and 2003).nbsp; With eighty percent of American family-owned businesses relying on some form of credit, the importance of this credit to the success or bankruptcy of a small business is clear.nbsp; Furthermore, this data was taken from current, active small business owners, so it does not represent any business that went under because of lack of working capital .nbsp;/p
p The most recent survey should have been conducted in 2008, based on the five year intervals of the other surveys, so it will be interesting to see how the faltering economy has changed the data.nbsp; Undoubtedly the tightening of the credit market has had a huge impact on the viability of many small businesses.nbsp; According the Bureau of Labor Statistics, 4.3 million businesses with 19 or fewer employees closed during the fourth quarter of 2007 through the same quarter of 2008 (a href=http://online.wsj.com/article/SB125478399429765967.html?mod=dist_smartbrief target=_blanksource/a)/p
pWith an estimated 90% of U.S. business being family-owned or controlled, access to credit is arguably one of the most vital factors in avoiding a double-dip recession . nbsp; Small businesses need access to credit in order to build on the meager steam that the economy has managed to gain through government stimulus and slowly improving consumer confidence./p
pDespite this need for credit, the economic downturn has pushed banks into even more conservative positions when it comes to lending decisions .nbsp; Qualifying for a small business loan from a traditional lender still requires a lot of paperwork, collateral and patience while the bank performs thorough due diligence .nbsp; Now, more than ever, your credit score and assets matter, putting approval rates at an all time low./p
pAll of these factors have led to a rise in the number of a href=http://www.rapidadvance.com/funding-program.htm target=_blankbusiness cash advance loans/a issued by smaller lenders.nbsp; In many ways, these non-traditional loan providers are keeping some small businesses afloat by providing faster, easier access to working capital , often at reasonable rates and flexible repayment terms.nbsp; If you are a small business owner in need of immediate working capital and you have been unable get access to credit through your local bank , then you should consider the benefits of a business cash advance loan.nbsp; Some of the benefits you can expect from business cash advance lenders are a streamlined application process with minimal paperwork, higher approval rates, no collateral pledge on your home or business , and no fixed repayment terms./p