President Franklin Roosevelt said, “When you reach the end of your rope, tie a knot and hang
on!” That is so true for small business owners—they face risks head on, overcome
insurmountable obstacles and hustle every day to make their businesses successful. The
innovation and determination of small businesses is what drives our economy forward.
In my role as an SBA Lender at Univest, I get to work with some of the most inspiring small
businesses imaginable. These are people that took a concept, invested everything they had and
work hard every day to make their dreams into reality….
Are you thinking about starting a business, but have struggled with the concept of obtaining necessary financing? There is no doubt that starting a business is difficult. We’ve all heard the “conventional wisdom” that 90% of businesses fail within their first year. But how accurate are those statistics?
According to the Bureau of Labor Statistics study of Business Employment Dynamics, approximately two-thirds of businesses with employees survive at least two years, with about 50% making it for five or more. After those first few volatile years, success rates improve. So perhaps those doom-and-gloom startup statistics are based more on long-held…
Small business owners in the restaurant and craft brewing industry have historically approached the Pennsylvania Liquor Control Board with one emotion: dread. Fortunately, the modernization of liquor laws in the Commonwealth has created a thriving craft industry centered on the production and sale of alcohol. Small business owners and craft beer, wine, and liquor enthusiasts…rejoice!
Prior to 2016, Pennsylvania’s archaic liquor laws severely limited the ability of small business owners to obtain a liquor license and cash-in on the lucrative spirit industry. With licenses topping out at more than $400,000 in Montgomery County, for example, virtually no “mom & pop”…