Considering taking out a small business loan? Now may be a great time
If you’ve been thinking of starting your own small business, now might be a great time to do so. To start your business, you may need to obtain funding that will allow you to get things up and running.
There are several ways that businesses can secure funding, either through loans or grants, or from investors. According to the Small Business Administration, a median range for small business loans is $130,000 to $140,000 in the banking industry. However, small business loans can vary depending on where you secure the loan from.
Small businesses are an integral part of the economy, and as small business confidence rises, certain institutions are taking notice. In fact, Wells Fargo announced that it plans to “extend $100 billion in new lending to small businesses by 2018.”
The bank is looking to take advantage of small business owners’ rising optimism. This is in the Wells Fargo/Gallup Small Business Index. It experienced a rise according to a survey taken in January. An increase in small business confidence is good sign both for entrepreneurs and for the economy. It was also reported by the National Federation of Independent Business that the Small Business Optimism Index increased by two points.
If you’re planning to start your own business, it’s a good idea to consider the benefits of incorporation. A reliable incorporation services company can help you determine important aspects that arise when forming your business, from checking for company name availability to selecting the type of business entity that is right for you. You may also be interested in incorporating your business in another state. An incorporation services company can help you figure out which solution will be right for you.