Show Me The Money
M&T Bank Hosts Financing Meet-Up for Small Businesses
The headlines say unemployment is at an historic low, and the U.S. economy is on fire, but small businesses still face significant challenges to accessing capital.
According to the Small Business Administration, new business owners often rely on their own resources to get started. Three fourths of new ventures tap personal or family savings when starting. A mere 12 percent use a business loan for startup capital. Other common resources include personal credit cards, personal assets, and business credit cards, the SBA said. Other sources such as venture capital and grants are used by fewer than 6 percent of new businesses.
Even when young companies access capital it often comes with high financing charges, the SBA said. Fifteen percent of businesses operating less than 24 months have reported that high financing charges impact their potential to maximize profit. And, half as many older businesses blame financing costs for eroding profit margins.
M&T Bank of Rockville is stepping up to help current and future small business owners navigate new financing options. On December 11, the bank will host a lending round table for small businesses or new start-ups that need to acquire a business loan. This event is free.
A panel of experts will be on hand to discuss a variety of lending options. Attendees are encouraged to ask questions to understand the best options for their business or start-up.
Here are the details:
M&T Bank, 1 Research Ct, Rockville, MD 20850
Dec. 11, 2018, from 9 a.m. to 11 a.m.