According to the latest MetLife and U.S. Chamber Small Business Index, 49% of small business owners surveyed say their current access to capital or loans is good. That is significantly lower than those who said their access was good in Q2 2017 (67%).
Elaborating on the concerns, the small businesses owners surveyed named several barriers to securing financing for their business including:
- A time-consuming application process (52%)
- Not having enough information on available sources of capital (46%) and
- Not having enough revenue or assets to qualify for a loan (46%).
A new online tool aims to break down those barriers in North Carolina.
Capital Opportunities offers a financial institution search feature allowing a business owner to input information on their business and the specific work they are looking to fund, geographic details and preferences, and receive a listing of financial institutions that can meet those needs, as well as a specific person they can contact at those institutions. The website also offers information to help small businesses understand the different types of financing and funding available, and guidelines on how to best prepare to seek out funding.
A program of the NC Bankers Association, NC Chamber, NC Rural Center, and NC SBTDC, Capital Opportunities was launched to offer resources to help small businesses grow in North Carolina.
“Being named the top state for business was intentional and we want North Carolina to be known for its competitive economy for businesses of all sizes,” said Gary J. Salamido, president and CEO of the NC Chamber. “This tool will connect small business owners with resources to grow their businesses, create jobs, and, ultimately, invest in people and communities across North Carolina.”