In the news
According to the U.S. Census Bureau, 99.7% of American businesses are classified as small—consisting of 500 or fewer employees. When narrowed down to those with 20 or fewer workers, the figure still stands at a still-overwhelming 89.9%.
Good news for 2016: the construction sector is on the upswing. Data from BFS Capital, a small business lender, shows that demand for small business loans is at an all-time high among construction companies. BFS lent $48.8 million to construction companies through Nov 30, 2015.
Debt payment is an unavoidable part of almost every business owner’s daily life. But if handled responsibly, those payments need not be a burden. At BFS Capital, we always encourage our small business customers to talk with their lending provider to figure out a payment schedule that makes sense for them.
BFS Capital, formerly Business Financial Services, is a small business lender that has been around since 2002. They recently filed with the SEC for a confidential IPO and so I wanted to learn more about them.
Every small business owner wants to run a successful business. But the more ambitious ones dream of one day expanding beyond one location and a handful of employees. Whether it’s selling in new markets, developing new products or opening up additional locations, scaling a business is not a decision that should be made lightly.
Small business loan applications have increased 60 percent in the past six weeks when compared to last year, at least half of which are weather-related.
Even with the economy on the mend, the alternative financing industry continues to grow, debunking the notion that small businesses are able to secure capital from the banks. In fact, Marc Glazer, chief executive of Business Financial Services, estimates about two dozen nonbank lenders lent approximately $3 billion collectively last year, double the 2012 total. These short-term lenders want to become the go-to financiers for business owners in need of quick cash.
Business Financial Services helps small- and mid-sized companies that are growing and have a rising cash flow, but don’t have the assets or longevity in business to be approved for bank loans.
Some not-so-small businesses are choosing financing options originally designed to assist Main Street USA.
Banks may not be eager to make short-term loans to independent operators, but other sources of operating capital are ready to start cutting checks.
Anyone who has owned or operated a business knows that playing it safe usually doesn’t pay off. Creating an effective risk-reward strategy unique to your business can be critical to long-term success.
With almost half of all small loan applications to smaller banks being rejected and 83 percent of loan applications denied at larger banks, alternative lenders like Business Financial Services have stepped up to fill the bank credit gap.
Ernst & Young Announces Entrepreneur Of The Year(R) 2013 Finalists in Florida
Ernst & Young announced the finalists for the Entrepreneur Of The Year 2013 Award in Florida. Marc Glazer, President and CEO of Business Financial Services, was among the finalists.
Marc Glazer, President and CEO of Business Financial Services, sat down with Bob Coleman of the Coleman Report to discuss the optimistic outlook of small business borrowers in 2013.
The inability to garner capital to refinance operations, grow brands or remodel existing locations remains the norm for most restaurant operators, but recent deals involving both big and small players offer some optimistic success stories for those seeking capital.