Ranqx can make SMB working capital lending a great experience for the financial institution and the SMB. Imagine your SMB members getting a response to their fully digital loan application in only 5 minutes and the loan officer only needing to click links on their computer vs spend 2 weeks getting documents. ranqx.com From the CFPB (https://lnkd.in/eNhcnavR): Small businesses are the engines of growth in our communities, driving wealth creation and upward financial mobility. When small businesses succeed, our economy is stronger, more equitable and more resilient. There are 33.2 million small businesses in the U.S. Small businesses accounted for more than 99.9% of all U.S. business. They employed 61.7 million people, or 46.4% of the American workforce. Source: U.S. Small Business Administration (SBA) 2022 Small Business Profile 18.3 percent, or about 1 million businesses with employees, are minority-owned 9.7% Asian-owned 5.8% Hispanic-owned 2.2% Black (African-American)-owned 0.4% American Indian or Alaskan Native-owned 0.1% Native Hawaiian or other Pacific Islander-owned Source: 2019 Annual Business Survey (ABS), U.S. Census Bureau 19.9 percent, or about 1.1 million businesses with employees, are woman-owned Businesses without employees are owned almost equally by both women and men. Source: 2019 Annual Business Survey (ABS), U.S. Census Bureau 5.9 percent, or almost 340,000 businesses with employees, are veteran-owned Approximately 3.9 million Americans are employed by veteran-owned businesses. Source: 2019 Annual Business Survey (ABS), U.S. Census Bureau But for some, accessing funding can be a challenge Entrepreneurs often source capital from their personal and family savings to get their business off the ground 64.4% use personal and family savings 16.5% use business loans from banks or other financial institutions 9.1% use personal credit cards 8.7% use personal family assets (other than the owner's savings) Source: Annual Survey of Entrepreneurs 2016 , US Census Bureau Ideally, small business owners who want to use credit to grow their businesses would be able to obtain it. But some entrepreneurs struggle to access fair, affordable loans. Entrepreneurs deserve a fair chance at business ownership
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