Getting access to capital can be difficult for many entrepreneurs trying to start or grow their business. Often, small business owners resort to seeking fast cash. But what should you consider before applying for an overnight loan?
Colorado Small Business Owner Highlight
Steve Katsaros has always been an innovator. He began inventing products for the ski industry in his late teens, and went on to earn a Bachelor of Science in Mechanical Engineering (BSME) from Purdue University so he could follow his dream of creating new technologies to improve the world. In the early 2000s, Katsaros came up with his first big invention: the RevoPower, an efficient motorized wheel designed to travel up to 20 miles per hour at over 100 miles per gallon.
On December 15, Small Business Majority released a new scientific opinion poll that found a majority of Colorado small businesses believe business owners should not be allowed to deny services to LGBT individuals based on the owner’s religious beliefs, including for wedding-related services.
Colorado small business owners soundly reject efforts to increase the interest rates lenders can charge on certain consumer loans, and the results of a new Small Business Majority poll of state small business owners strongly suggest state legislators who support such increases would pay the price at the election booth. According to the scientific poll, an overwhelming 90% oppose allowing lenders to increase the interest they can charge on a $3,000 consumer loan from 28% a year to 30% a year and allow increases based on inflation for each subsequent year.
Small businesses account for a significant share of Colorado’s economy. For every one large business in Colorado, there are 179 small businesses diligently working to reenergize the state’s economy: Small firms make up 99% of the state’s employers. These entrepreneurs are doing everything they can to hire, grow and move their businesses and the state’s economy forward. As part of these efforts, recent scientific opinion polling shows that Colorado’s entrepreneurs want pragmatic, innovative policies that help guide them into a competitive, modern clean energy economy.