In Bluevine's mid-year BOSS (Business Owner Success Survey) report there were some helpful statistics and at least one surprising one. This report is intended to help business owners plan and budget better given the info on their peers. However, this information also benefits business loan brokers and lenders who deal with business owners to assist them with their capital needs.
The BOSS is a survey of 1,200 respondents across the U.S. between June 5-18, 2024. Respondents are company owners, founders, partners, CEOs, or presidents of businesses with annual revenue between $100,000 and $5,000,000
Here are a few interesting points from the report:
66% - Percentage of SBOs received the additional capital they applied for via loan, line of credit, or credit card in the first half of 2024.
A surprising result was that of those approved for any credit, 95% were approved for the amount of credit they applied for. To me, this is high when considering all financing products.
34% - Only one-third of SBOs have established access to a line of credit to use as a buffer for working capital (e.g., payroll, expenses, etc.) or for company growth (e.g., adding employees, developing new products/services, etc.)
A new business credit card leads the way for preferred forms of credit, which is in line with other reports.
83% received the APR they sought
For the full report, visit the Bluevine site here.
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