The Small Business Optimism Index surged to 105.8 points in December of 2016. Scores haven’t reached such heights since back in 2004. That helps explain why 23% of business believe that now is the time to expand, while 31% are expecting higher sales. Consumer confidence has been on the rise also. The Consumer Confidence Index reached 113.7 in December of 2016. This also marks the highest reading seen in several years. Part of the reason consumers are growing more confident is because of wage growth. Average hourly earnings rose by .4% in December.
As the economy expands, small businesses should be able to tap into much of the growth. Newspapers are dominated by big companies like Ford Motors and General Electric, but the economy is actually dominated by small businesses!
About 57% of the American work force, or 56 million people, are employed by small businesses. Small businesses also produce nearly 50% of the gross domestic product. This means that small businesses are vital for the American economy.
And you know what’s remarkable about that? Small businesses don’t have nearly as many resources as mega-corporations. If Disney wants a loan to produce a new movie, they can go to Goldman Sachs, or anyone else. Banks and investors will practically throw money at them! On the other hand, if the local corner diner wants to remodel, they’ll struggle to get anyone to listen.
Small business loans from traditional banks are hard to get. As such many businesses are now recognizing how useful a cash advance can be. Whether you’re a dentist, own a restaurant or gas station, or run some other type of small business, a merchant cash advance may be the answer to your monetary problems!
Whereas banks are often hesitant to loan to smaller companies or newer startups, merchant cash advance firms can often provide the necessary funds.
That’s because a MCA isn’t actually a loan. While they are often confused as loans, merchant cash advances are actually the sale of future sales. In other words, you will sell a portion of your future sales, usually credit card sales, in exchange for cash up front. For smaller companies and newer businesses this can often be less of a burden than fixed loans.
Give us a call today at 302-440-3074 and see how PJGLOBAL Funding can help your business grow!