BY THOMAS SANTUCCI
CHAIR, QUEENS CHAMBER OF COMMERCE
Nearly 75 percent of the 1,100 members of the Queens Chamber of Commerce are small business owners; i.e. businesses with ten or fewer employees. With that in mind, it is the responsibility of the Queens Chamber to not only keep our small business owners apprised of substantive and legislative happenings, but to keep you informed of ways the Queens Chamber is able to advocate for you.
Amid the general optimism, access to capital is quite strong. After researching reports conducted by the United States Chamber of Commerce, less than one-quarter of small businesses report that it is hard to obtain financing.
While not very surprising, those having sought financing in the last year were twice as likely to report that getting access to credit was difficult compared to those that have not tried. Businesses that have applied for credit at some point in the past, rather than in just the past year, were more likely to say it is easy to obtain financing rather than difficult.
“After the 2008 financial crisis, a one-size fits all regulatory approach was adopted causing a decline in small businesses’ access to capital,” said Tom Sullivan, U.S. Chamber vice president of Small Business Policy. “Recently, steps have been taken to reverse the trend, including Congress passing the Economic Growth, Regulatory Relief, and Consumer Protection Act which removed some of the strict regulations placed on community banks and regional banks, making it easier for small businesses to get capital.
“These are steps in the right direction, but more policies that ease small businesses’ access to financing need to occur to ensure this vital sector of our economy continues to grow, create jobs, and positively impact communities across the country,” he added.
Small businesses that report to be in good health and those that stated they were not in good health were equally likely to have sought financing in the past year. Further, the longer a small business has been in operation, the more likely it is to receive the full amount of financing.
Three-quarters of businesses in operation for more than 20 years received the full asking amount versus two-thirds of companies with 11 to 20 years in operation, and just half of those in operation for less than 10 years.
In sum, if you are a small business owner, you need to be as active as possible with the Queens Chamber of Commerce. We are here to not only act as your surrogate marketing agency but develop specific plans to connect you to business opportunities.
Depending on the issue, we have the connections and expertise to take you to the next level. We look forward to working with you!