Are you a small business owner struggling to meet payroll or seeking a small business loan? The credit environment is tougher than ever, making it hard for many small business owners to meet payroll or obtain a small business loan. Banks are still not lending at the rates they did before the financial crisis hit, and the economy is recovering at a snail’s pace.
Small business owners are increasingly finding pawn loans to be a good source of secure funding. Pawn loans do not require a credit check, and they do not affect your credit history. They can also be processed very quickly compared to bank loans, and require fewer administrative hurdles. Additionally, there are no penalties for failure to repay a loan, because the loans are based on collateral.
The media has picked up on this trend. CNN reported on it back in August (http://money.cnn.com/2011/08/02/smallbusiness/small_business_loans_pawn_shop/index.htm). And the Financial Times ran a story (http://on.ft.com/Aff1rk) this week. According to the Financial Times article, banks in the United Kingdom agreed to provide $119 billion in loans to small businesses in 2011, but fell more than $1.5 billion short of that target.
Small business owners seeking out pawn loans are helping to preserve jobs and grow the economy. Suffolk Jewelers & Pawnbrokers provides secure pawn loans for small business owners. Come visit us on Washington Street today.