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Aren’t You Glad To Be An American?

american small businessMitt Romney’s team recently misspelled America as Amercia, but regardless of how you spell it or what you think of this country, it’s certainly good to be here. European countries seem to be experiencing a state of permanent volatility. One day, their problems are solved, the next day their entire system of currency and banking is in doubt. How can any small business tolerate such uncertainty?!

It’s not all rainbows and unicorns here in the U.S., but it’s darn good to be an Amercian ;-)

No Time Off? Ugh!

Tired WorkersThe economy’s still inching forward but businesses may have maxed out the productivity they’re getting from their employees. Now that the deep dark days of the depression are behind us, workers may be seeking a reprieve from the rigorous work days. When times were tough, people got laid off. Those that managed to keep their jobs began to work longer hours, either to prove to their boss that they were indisposable, or were forced to in order to keep their companies afloat. So, one would think if profits have stabilized that these same workers should now be entitled to use the vacation time allotted to them by law.

Except, there is no law on vacation time. Really?

Yes, really. The minimum number of vacation days that businesses must offer to their full time employees in the U.S. is zero. In the U.K., that number is 28. Though unemployment is still relatively high, those that are working year-round with no breaks aren’t necessarily doing it because of a poor economy, but rather because of the psychological belief that they must always be working.

According to an article on CNN, people feel stressed when they are not at work because they are worried about how much work is piling up and will be waiting for them when they get back. Other factors are at play as well because some workers report being too broke to do anything with their vacation time.

Businesses may have gotten too used to having their employees work 12 hour days and are expecting them now to contribute even more time as the economy improves. The truth is, that these same folks are probably more burned out than ever before. To improve their productivity, it may make sense to tell your best workers to go home, take the week off and promise that all their responsibilities will be taken care of while they’re gone.

It’s No Secret The Restaurant Business is Tough

DinersWe finance businesses of all shapes and sizes but restaurants seem to be the face of the Merchant Cash Advance industry. That’s not an accident because they’re one of our personal favorites to work with. So while we approve them with ease, the rest of the banking sector watches idly by with incredulity.

The food service industry isn’t exactly well-liked by investors or underwriters, and yet most of them don’t dare discuss it publicly. According to a recent article in the New York Times, one venture capitalist comes right out and says what a lot of bankers are really thinking: ”Anyone who says they like to invest in restaurants is probably not a great investor.” These are powerful words that should be heeded by small businesses that believe waiting 3 months for a decision on their loan application is going to produce an approval. The odds are instead very much stacked against them, regardless of how impressive their credit score might be.

Meanwhile, alternative lenders such as ourselves have experienced great success with restaurants for years. We believe that it is downright reckless to disregard an entire industry, especially one that is so instrumental to job creation in the United States.

Anyone can advertise loans and financing. Banks do it all the time. But if your goal is to actually receive financing and use the funds to grow, your best bet is to choose investors that believe in you. Investing in America’s restaurants is a solid bet and we believe it 100%!

The Big Banks Can’t Get it Together

Bank Lending ShrinksRemember in 2008 when banks weren’t lending because of the economy? Remember in 2009 when the same thing happened? 2010…. and 2011…? Aren’t you glad it’s 2012 now and getting a bank loan has never been easier? No?

According to a CNN article published May 1, 2012, big bank lending is still continuing to SHRINK. At this point, one must stop to think if they have any plans to support small businesses ever again. Sure, a few years ago it made sense to be risk-averse and to learn from their previous mistakes. But now, it’s time to start asking serious questions. As quoted from the article:

A drop in lending is another worrying sign for the economy. When banks cut their lending, it makes it harder for small businesses to get money to expand.

We disagree that there is cause for worry since small business financing no longer starts and ends with banks. In fact, it’s becoming to safe to say that the alternative lenders of the past are now the standard. If anything, banks are now the fallback alternative. Five years of shrinkage doesn’t inspire much confidence so fortunately there are places to obtain capital, such as…well…us.

While the big banks pull back, we’re charging full speed ahead. Contact us today!

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