Access to capital is getting easier for small business owners, yet they are not taking advantage of the traditional funding resources that are available.
According to The Hartford’s 2014 Small Business Success Study, more small business owners (46 percent) believe it’s only slightly or not difficult at all to get a loan or other capital for their business — a 39 percent increase from 2012. However, 36 percent of the small business owners surveyed used personal sources of funding, such as personal savings, retirement savings or capital from their family and friends, over traditional sources of funding such as bank loans, bank credit lines or Small Business Administration (DSCS) loans. Dipping into savings and taking away from your future nest egg may not be the best way to fund a business. But where else can small businesses turn? In addition to several new programs being offered by traditional sources, there are several relatively new sources available, like peer-to-peer lending sites and crowdfunding websites. There are also several new programs being offered by the traditional sources. Now that small businesses are finding it easier to get a loan, what resources should they consider? According to financial services industry executive, entrepreneur, and author Howland Murpy, that depends entirely on each small business owner’s situation. APPLY NOW 
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