Today, more small businesses are getting loans, according to major bank research firm Greenwich Associates. They surveyed 271 small businesses in March 2011 and found that 59 percent had applied for a loan within the last year. Five percent of thes businesses had applied for a loan but the interesting fact is that during the first three months of 2011, that number jumped t 29 percent.
But what about all the companies that could NOT get a loan? Many of them have discovered a better solution – accounts receivables factoring. Factoring allows a small business to get money in less than 48 hours based on current receivables. There is no money to pay back. Athough among the small businesses that did apply for a loan, 57 percent reported bank approvals, the rest could benefit tremendously from factoring.