Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
If you’re half-way through filling out the paperwork for a small-business loan, the news today says it’s worth your while to finish the process. Plus, cheers to a new marketing bar in Albuquerque and why maybe you should cancel your trip to Hawaii … just kidding!
Small business lending up at big banks and smaller lenders
Big banks and smaller regional institutions are approving small business loans at record-breaking rates, according to July data. SBA-backed loans continue to make up the bulk of the lending, with $20.6 billion in funds awarded so far this year. If your application has been approved and you have extra capital laying around, perhaps consider investing in commercial property for your small business?
The Number: 27.7% The small business loan application approval rate hit a post-recession high of 27.7% at big banks ($10 billion+ in assets) and reaching hit just over 50% at small institutions.
The Quote: “High quality borrowers can get cheaper money at banks, but those with mediocre credit histories may still find that alternative lenders are the only ones who will fund them. Alternative lenders help business owners that the banks reject.”
“Marketing bar” serves up quick and affordable help for small businesses
An Albuquerque businesswoman recently launched a marketing bar and boutique to help local small business owners meet their marketing and advertising needs. The “bar” concept allows customers to walk up and order from a menu of in-person services, including business card and social media campaign designs and website development. No word on whether they offer happy hour specials.
The Number: 60. Services at the marketing bar range from $60 to over $250 and most services are completed within 60 minutes.
The Quote: “Albuquerque is a city that depends on small businesses and it’s a shame that there are so many underserved areas of the city; areas full of small businesses that have never had access to professional marketing services.”
Long weekends > lengthy vacations? Apparently so …
If you’re considering implementing a flexible work schedule at your business, consider this:
87% percent of workers believe that a three-day weekend is better at alleviating stress than a long vacation. The study, which surveyed 1,000 workers, found that over half of all respondents end up working longer hours upon their return from paradise and that two-thirds of employees have to work more while their colleagues are away.
The Number: 40%. Out of sight, out of mind. 40% of respondents said they don’t check in with the office at all while they’re on vacation.
The Quote: “The business world has not found a one-size-fits-all vacation solution.”