Small Business 2016: More Online Loans, More Women Bosses
By: TEDDY NYKIEL
More.
That’s what small-business owners can look forward to in 2016 — more online small-business loans, more women-owned businesses and more loan dollars guaranteed by the U.S. Small Business Administration. Plus, entrepreneurs will use more business credit cards to make purchases for their companies.
As 2015 winds down, NerdWallet believes 2016 will be a big year for small businesses, especially when it comes to financing and the upcoming presidential election.
“Small-business owners, who fuel the U.S. economy, deserve more and better access to financing and other resources to help them thrive,” NerdWallet small-business expert Cindy Yang says.
NerdWallet analyzed third-party data and tapped our team of small-business gurus to craft five predictions about what’s in store for 2016.
What to expect in 2016 for small-business loans and more
Summary:
- Entrepreneurs will go online more for small-business loans.
- Online small-business loans account for 2% of all such loans today. That number is expected to rise to 16% by 2020.
- More women will become small-business owners.
- 43% of small businesses will be owned by women in 2016, and 50% by 2020, assuming the current growth rate of women-owned businesses continues. That’s up from 36% in 2012.
- Growing industries for women entrepreneurs include agriculture, forestry, fishing and hunting; accommodation and food services; and manufacturing.
- SBA loan amounts will continue to increase.
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