If you listened to NPR's Marketplace this week you might have heard an interesting story: micro-lending–the practice that has spread like wildfire in the developing world–is getting its start in the US. For a small business owner struggling in these tough times, a small loan can make a big difference.
For one international micro-finance institution now operating in the US the average loan is under $6,000. While that kind of money probably won't get you started, it can help you make some of the small changes that can make a world of difference to a small business.
Here at EMyth, we encourage business owners to work on their business, not in their business. By examining your business for areas of improvement, you can often find some small fixes that yield big results. One loan provider, Accion USA reports that over three years their borrowers increased their overall take-home income by 38 percent.
Of course, borrowers need to document how they will spend money on business improvements, so that lenders can be assured that money is well spent. We at EMyth believe that well-documented business systems are where the rubber meets the road in a successful business.
What sort of improvements could you make in your business with a small loan?