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The Importance of Credit to Small Business
Pop quiz, question No. 1: How many small-business owners take out credit to establish or run their businesses?
Answer: 80 percent. That means that one out of every five small-business owners don't use any form of credit for their operations, according to a survey released today by the Small Business Administration's Office of Advocacy.
Pop quiz, question No. 2: How long has this been the case?
Answer: 2003, 1998, and 1933 (when similar reports were done).
Those that don't use credit tend to be in service, retail, and wholesale-trade sectors. Plus, they tend to be more creditworthy than those that need credit (a bit of SBA irony).
For more on the report, click here.
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