IRVINE, Calif.–(BUSINESS WIRE)–#AlternativeLending—QuickBridge, a privately held, leading alternative lender offering small business loans nationwide, has released an informative white paper and companion infographic that provide millennial business owners with a helpful resource. QuickBridge’s “How to Solve Cash Flow Problems for Your Millennial-Owned Business” details the hurdles facing millennial entrepreneurs seeking working capital loans and offers tips for securing funding from alternative lenders.
Research from the Small Business Development Center (SBDC) found that 62 percent of millennials have a dream business in mind, but 45 percent state access to capital as the most significant barrier to launching a business. As a group, the generation born after 1980 and before 2000 seems to have the motivation but lacks funding resources due to student loan debt and housing costs.
The new QuickBridge white paper and infographic explore generational borrowing tendencies and provide tips for millennial entrepreneurs to increase the likelihood of getting a loan funded:
- Current data shows that millennials seek smaller loans than Gen X and Boomers, and that loan approvals grew 119 percent year over year from 2017 to 2018.
- Owners need to establish and build a business credit history by having a Federal Tax ID and dedicated bank account versus relying on personal credit to obtain a loan.
- Millennial entrepreneurs should focus on managing the business account’s cash flow by collecting receivables and eliminating unnecessary expenses.
- Business owners are encouraged to look at alternative lenders who may be more flexible in the types and sizes of companies they’ll offer loans.
“Our white paper and infographic reveal several ways for millennials to achieve their dream of running a successful business,” said QuickBridge President Ben Gold. “The research is clear. Alternative lending has emerged as a mainstream financing option for millennial-owned small businesses because our business model levels the playing field for enthusiastic startups to get the cash they need quickly.”
Download the complimentary “How to Solve Cash Flow Problems for Your Millennial-Owned Business” white paper at https://www.quickbridge.com/blog/millennial-entrepreneurship/.
Download the white paper’s accompanying infographic “Millennial Entrepreneurship & Business Lending – Understanding the Next Generation of Business Owners” at https://www.quickbridge.com/infographics/millennial-entrepreneurship/.
For more information on QuickBridge, go to https://www.quickbridge.com/.
Founded in 2011, QuickBridge is a leading alternative business lender providing short-term working capital loans for small to mid-sized businesses nationwide. The company emerged from the idea that America’s small business owners deserve a quick, simple, transparent solution for accessing business funding. QuickBridge ranked two consecutive years on the Inc. 500 and is a Business Intelligence Group and Equipment Leasing and Finance Association (ELFA) award winner. QuickBridge is a wholly-owned subsidiary of National Funding, with headquarters in Irvine, California and a satellite office in New York. For more information, visit our website at https://www.quickbridge.com/.
Products offered by Quick Bridge Funding, LLC and affiliates are business loans only. The products are provided by third parties and subject to lender approval. Loans to customers in California are made or arranged pursuant to a California Finance Lenders Law License. License number: 603 J292.
Susan Almon-Pesch, 858-205-0516