Small Businesses in Need of Loans are Not Applying

August 11, 2011 admin

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Media Contact:

Jennifer Sherlock
jsherlock@jennacommunications.com
609.369.3482

FOR IMMEDIATE RELEASE

Small Businesses in Need of Loans are Not Applying

MultiFunding Releases Its Second Quarterly Lending Survey

PHILADELPHIA, August 12, 2011 – Multifunding LLC has released a recent study among U.S. small business owners that demonstrates a gap existing in meeting the financial needs of this important segment of the U.S. economy. As a result, potential growth opportunities are stymied, forcing these businesses to maintain the status quo, which is preventing them from hiring additional staff or investing in infrastructure expansion.

The study released today by the greater Philadelphia-based small business loan advisor found that while 18 percent of small business owners have applied for a business loan over the past year, 73 percent of small business owners who are in need of a loan have not applied during the past year. The top reasons they site for not applying are:

Working on improving my credit first: 21 percent
Afraid of application rejection: 21 percent
Not willing to pay high interest rates: 18 percent
Waiting for business to improve: 17 percent

Of those who applied, two in five of these (42 percent) only received partial funding or had their applications rejected altogether.

“MultiFunding’s new survey conducted by Lieberman Research Worldwide demonstrates that there is plenty of demand for small business loans”, said Ami Kassar, founder and CEO of Multifunding. “However, in this economic and lending environment many small business owners are afraid and scared of the loan application process.”

“Those who didn’t receive full funding claimed they would have hired an average of eight more employees if they would have received the full loan amount,” said Scott Luck, Vice President of Lieberman Research Worldwide’s Moving TargetsTm division. “We also believe that those in need of a loan, who are waiting to apply for one, would hire a similar amount of employees if they had the confidence to proceed with the loan process.”

A nationally representative sample of 1,200 small business owners was contacted for this study via a multimodal mobile and online survey methodology designed to capture the widest possible swath of small business owners in the U.S. The sampling error for the full sample is +/-3 percent. The study was conducted by Lieberman Research Worldwide Moving TargetsTm using the Thumbspeak platform during the week of July 11, 2011.

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About MultiFunding

Based in the greater Philadelphia area, MultiFunding works with small business owners in more than 27 states to understand small business lending options, and to ultimately evaluate and secure the best loan alternatives for their businesses. For further information, please visit www.multifunding.com or view the small business blog at sligshotcafe.net.

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Small Businesses in Need of Loans are Not Applying

Small Businesses in Need of Loans are Not Applying

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