Startups Are Still Booming

New business applications remain high, especially in service sectors. While manufacturing startups saw a slight dip at the end of 2024, they’re still outperforming pre-pandemic levels.

If you’re thinking of launching a new product or service, now is still a strong time to test the waters — especially if you’re in a niche or underserved market. Consider applying for an SBA 7(a) loan to help cover your operating costs.

Closures Are Rising

Despite the startup surge, business closures are also increasing. This signals a more competitive and uncertain environment.

Consider performing a mid-year audit of your operations and expenses, focus on customer retention and cash flow management, and applying for an SBA 7(a) loan to strengthen your business overall.

Employment Is Slipping

Small business employment declined for the second time since 2020. This could reflect hiring challenges or economic caution.

If you’re struggling to hire or retain talent, consider flexible work options, upskilling current staff, or using an SBA 7(a) loan to increase your payroll capabilities.

Loan Demand Is Up

More small businesses are seeking loans, and the financial community are reporting a more positive outlook.

If you’re planning to expand or need working capital, now might be a good time to explore an SBA 7(a) loan to grow your business.