Statistic Brain recently published this great data set which they gleaned from the U.S. Census Bureau (research date: 11/27/2012). We put together this graph to show a visual representation of the numbers.
|Source of Funding||Percent of Business’||Total Employed||Annual Revenue|
|Personal savings||60.3 %||26,898,009||4,849 Million|
|Personal assets other than savings||7.7 %||5,451,017||966 Million|
|Personal home equity loan||5.6 %||3,174,141||445 Million|
|Personal credit card||10.4 %||3,030,785||390 Million|
|Business loan from government||0.7 %||925,697||141 Million|
|Government guaranteed bank loan||0.7 %||906,246||126 Million|
|Business loan from a bank||10.7 %||16,102,835||3,174 Million|
|Loan / investment from family / friends||2.6 %||3,406,730||563 Million|
|Investment by venture capitalist||0.4 %||3,642,472||812 Million|
|Grant||0.4 %||1,201,932||94 Million|
|Other||2.3 %||8,775,476||3,000 Million|
|Don’t know||4 %||22,186,151||6,637 Million|
|None needed||20.8 %||16,664,655||4,860 Million|
|Personal Savings Funded Business Statistics|
|Percent that are female owned||54.4 %|
|Percent that are male owned||31.8 %|
|Percent that are equally owned||12.6 %|
|Credit Card Funded Business Statistics|
|Percent that are female owned||2.7 %|
|Percent that are male owned||4.9 %|
|Percent that are equally owned||2.3 %|
|Venture Capitalist Funded Business Statistics|
|Percent that are female owned||0.1 %|
|Percent that are male owned||0.4 %|
|Percent that are equally owned||0.2 %|
The National Small Business Association released the following results of a survey they conducted in 2012 on small business access to capital.
Funding is a great way for you to get your new business on its feet or to help your growing business continue on its journey towards success.
There are incredible resources available to assist small businesses within Ohio. The greatest challenge is how and where to find them. As micro and small business owners, our success is increased when we surround ourselves with valuable resources. That's why we have compiled a list of resources to help you reach and exceed your business goals by understanding your options and potentially securing funding.