Around 82% of American small businesses fail because of cash flow problems.
Being your own boss comes at a cost. When your customers pay late, you need to find the working capital to keep the business moving. For many small business owners, this is easier said than done.
Most American small businesses carry less than a month cash buffer, which means these “surprises” can quickly derail operations.
A 2017 report by the Small Business Administration found that 20% of businesses fail in the first year, and 50% within five years. Among other factors, insufficient capital is a common culprit.
Large corporations rarely have this problem. With virtually infinite resources, a missed payment or ten has no effect on operations.
And when big businesses need additional capital, they have no problem acquiring it.
Financial institutions are notorious for failing to serve small business needs, especially when it comes to lending money.
Studies have shown that most small business loan applications are denied by traditional banks. Banks are incentivized to focus on large business loans because they get more bang for their buck.
Creating loans costs the same regardless of the amount. Larger corporations tend to work with more money, which means higher profits for the banks.
This is why small businesses don’t receive the preferred interest rates that big businesses do.
Veem was created to solve the disparity between small businesses and larger corporations, and our mission hasn’t changed. We’ve heard from many of our customers that balancing cash flow & working capital is a constant challenge. We’ve got good news to share.
We’re partnering with BlueVine to provide fast and flexible working capital financing for Veem’s customers.
Funding doesn’t have to be what sinks small businesses.
Through BlueVine, Veem customers can get access to the short-term funding they need to keep growing, so missing payments doesn’t mean missing payroll.
BlueVine provides up to $200k in funding through its business line of credit offering, and up to $5m with its invoice factoring solution. The BlueVine application process is online, simple and getting approved is fast compared to a traditional bank – many business owners have a decision in under 24 hours. Getting funds in your bank account can be equally fast.
Whether you need working capital for inventory purchases, buying supplies, or making payroll, BlueVine’s financing solutions provide the on-demand flexibility that helps you run your business better. When you sign-up for BlueVine through Veem, you can take advantage of a special offer.
Veem is transforming the global payments space, offering small businesses tools and support that was once reserved to big businesses.
Partnering up with BlueVine helps us to further support small businesses with what they need to thrive in the global market.
*Certain application requirements apply.