There was a time when mom and pop shops were practically dying out. As large companies began monopolizing, more and more small businesses had no chance of keeping up and were forced out of business.
However, with the improved technology and business practices we have now, small companies are once again back on the rise. Just between 1996 and 2013, the amount of entrepreneurs who were from the baby boomer generation starting their own business grew from 14.3% to 23.4%.
Part of what has made starting a business a viable option again, is the implementation of computers into business. Staffing can be cut thanks to automation, and one person can take on the work of multiple jobs remotely through the internet.
However, another huge factor was the wider availability of small business loans. Starting a business is no cheap or easy task. The phrase, “you have to spend money to make money,” rings very true in this case.
The U.S. Small Business Administration and their funding experts offers a “Loans and Grants Search Tool” meant specifically to offer valuable help to these businesses in need of capital.
All of this small business lending has done much more than just allow people to open up businesses, but has led to a huge boost in job creation as well. Even with better technology, companies will always need some human employees. In fact, all of the estimated 25 to 27 million small businesses around the United States currently in operation, account for anywhere from 60% to 80% of all jobs.
This is enormous for the country after such a hard time recovering in the turmoil of the financial crisis of 2008. Thankfully, lenders are very willing to hand out small business loans to those with promising ideas.
Lenders benefit when the companies they are funding benefit, so obviously they want you to do well. The more promising small business loans they provide, hopefully the more interest they receive in the future. Who knows, maybe millennials will take up the small business reigns from their elders.
