Of the two dozen contenders for the 2020 Democratic nomination for president, none so far are terribly concerned with small businesses and the challenges that they face. Issues like immigration, climate change, gun control, health care, foreign affairs and social justice are the topics in the spotlight. Small businesses and the economy lag far behind.
Few candidates have touched on the need for small business loans. More specifically, the need to improve access to small business funding and options. Having access to quick capital is the lifeblood of small business growth. Without it, a small business can find itself in a very difficult situation – some are even forced to close their doors.
Quick access to cash is often needed to:
- Boost cash flow
- Cover payroll
- Meet day-to-day expenses
- Increase inventory
- Purchase new equipment
- Create a cushion of cash
- Take care of unexpected expenses
- Fund opportunities to grow, and more
In truth, many of the issues candidates are focusing on will actually hurt small businesses in the short- and long-term. For example, the focus on raising the federal minimum wage to $15/hour. Former Vice President Joe Biden has pushed for a $15/hour federal minimum wage since 2015. Senator Bernie Sanders and Senator Kamala Harris are also strong supports of raising the minimum wage.
When it comes to naming specific plans regarding small businesses and entrepreneurs, Biden’s campaign website contains few details. Senator Sanders’ site simply states his support of small businesses and the wish to make sure that they have all that they need to survive. However, he does have a record of supporting access to low interest loans to small businesses.
Compared to the others, Mayor Pete Buttigieg has a fairly strong record of supporting small business owners. He is known for pushing for diversity and taking an interest in finding areas that are not generating economic growth. Former Congressman Beto O’Rourke’s focus has touched on addressing racial wealth disparities and helping women and minority business owners gain greater access to capital.
The only Democratic candidate that seems to be focusing on small businesses at all is Congressman John Delaney (whose support is 1 percent). An entrepreneur himself, he has started two companies and employed thousands of workers. According to him, he would use small business as a way to drive economic development and combat income inequality.
Where to Find Flexible Small Business Funding
Thankfully, there are options out there that have been specifically designed to help small business owners. Alternative lenders like First American Merchant have stepped in to offer flexible funding options, even to businesses that banks turn away (e.g. businesses categorized as high risk). A merchant loan, for example, provides much needed cash in as little as 24 hours. The application can be completed online in a matter of minutes.
If your small businesses needs extra cash to operate smoothly and take advantage of opportunities, consider applying for a merchant loan. You can have the working capital in your business’ bank account within just a few days.