Recession-riddled US Economy Struck a Crushing Blow as Business Loans Continue to Dry Up

By: Kimberly Kelly

The recession has rocked the nation's #1 provider of SBA backed business loans, as the US economy continues to take a nose dive. With bankruptcy rumors looming in the balance, would be entrepreneurs are scrambling to find alternatives to traditional bank financing.

As a Start-up Business Consultant, my advice to anyone seriously considering starting a new business is to explore bootstrapping. Bootstrapping is a process which employs creative self-funding strategies, without the need for BIG business loans. The fact is, many budding entrepreneurs are seeking out creative financing solutions in response to the current credit melt down. I'm seeing a definite increase in my seminar attendance numbers.

"Should You Start a New Business When the US Economy is in Bad Shape?

The most commonly asked question that I hear from attendees is: "Should I start a new business when the US economy is in such bad shape?" Want to know my answer? Yes! Starting a new business during a recession is a smart move. Companies like Wal-Mart, General Electric and Federal Express all started during times of great economic distress. With so many debt-laden companies going out of business, the market is wide open to receive and support debt-free contenders.

Get an Education in Bootstrap Financing

In order to successfully avoid borrowing money to start your new venture, you must first get a thorough education in bootstrap financing methods. Many new entrepreneurs just don't realize that you can successfully start a new business without business loans. There are many free sources of funding available to start ups. Don't allow the recession to strike a crushing blow to your plans. Starting a new business may just be your roadmap to financial freedom.

Discover over a hundred free sources of business start up funding and learn the secrets for bootstrapping your business, even if you have very little start up cash, poor credit or don't own a home. Invest in "The Start Up Business Survival Guide: 101 FREE Products and Services to Help Finance Your Dream of Successful Business Ownership", by visiting http://www.StartUpBusinessSurvivalGuide.com.

© 2009 Kimberly Kelly – All Rights Reserved Worldwide.