While some Americans are worried about Trump’s politics, many businesses see his proposed financial policies as a boon. Still, capital is king in the business world; a market of new funding sources and ways to access them may help breathe fresh life into enterprise.
Three years into Trump’s presidency and the jury is still out on some of his policy decisions. Between a government shutdown, consistent personnel shifts, and worries over security breaches, many Americans can’t help but wonder what’s next.
Corporate business owners are, however, one group that seems to be viewing the Trump presidency through slightly rosier lenses. A recent article in the Economist noted that owners see the president’s proposed tax cuts, deregulation, and potential trade concessions from China as valuable assets (Economist, “Why Corporate America Loves Donald Trump”, 5/24/18) and, if he follows through, it just might be a boon for businesses.
But that’s a big if.
In the meantime, access to capital is still the number one determining factor in the success of a business. From product purchases and sales, to marketing and promotion, any business wanting to go the distance must be able to access funds when they need them.
“Access to money has always been one of the biggest challenges a business owner faces,” says Jermaine Hardwick, CEO of SpringBoard Business Credit and Capital. “Although this is still a challenge, business owners in 2019 are at an advantage because there are many more sources of capital available now than there once were. And they’re much easier to tap into.”
At one point in business history, bank loans were the only way to gain access to finance and those were hard to get approved without a good deal of personal assets. Now, lines of business credit, a variety of loan types, and other options allow for wider access to both secured and unsecured funds. With so many options, how does a business owner know what’s right for them?
“What’s best will depend on the owner’s personal financial situation,” says Hardwick, “for example, if an owner’s personal credit isn’t so good, business credit may be a good option as it decreases the owner’s personal liability.”
Though some economists worry about the growth of the credit industry and unfettered borrowing, credit may be the only option for business owners affected by the ebbs and flows of the market. Still, when possible, it’s best to look to other options first. “The Small Business Association offers various low-interest loans for the purchase of real estate, equipment, and other startup costs, and these are good options for owners with high personal credit” Hardwick notes.
As for how to go about accessing these funds?
The internet is, as in all industries, a primary player. A variety of online tools are available to help business owners assess their financial situations, choose the right products and services, and then gain access to them. These tools are, of course, also connected to flesh and blood human beings who can help new business owners, in particular, to wade through the sea of options and come up with their business afloat on a raft—or even a cruise ship—of capital.
Business owners are often surprised at the amount of capital they may be able to access, even if they are lacking personal assets or detailed business financials. Using new funding options, some which are backed by popular brands like Apple and Target, even small businesses can qualify to access tens of thousands of dollars in a matter of months. Vertically integrated, wide-range firms, like SpringBoard, work with both traditional and new cutting-edge funding sources and can help owners through the process from start to finish. Some even offer personal financial concierge coaching and other boutique options to ease the flow.
While the effects of Trump’s proposed financial moves remain uncertain, one thing is clear: Capital is Still King. Getting it, keeping it, and growing it has always been—and likely will always be—the only way to a successful business.