Collector - July 2017 - 10

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Small Talk
How did small businesses fare in 2016? The data is mixed.

D

id you know that 78 percent of
debt collection companies are
small businesses? According to
ACA International research, 48 percent
of ACA member organizations have
fewer than nine employees. Eighty-six
percent of ACA members have 49 or fewer
employees and 93 percent of members
have 99 or fewer employees.
These small businesses are an important
part of local economies, creating
employment opportunities, generating tax
revenue and providing services for other
local businesses.
Now that all the data is in for 2016, how
did U.S. small businesses fare overall last
year? The results are mixed, according to
the Federal Reserve Bank's first-ever Survey
of Small Business Credit.

10

Despite some looming challenges, many
small businesses reported confidence in
growth. According to the Fed, in 2016 a
majority of small businesses said that they were
profitable and had growing revenues. This
optimism also extended into the future, with
61 percent of small businesses expecting an
increase in revenue and 39 percent planning to
add more employees to their payroll.
However, small business owners were well
aware of obstacles that may limit growth.
When asked what financial challenges faced
small businesses, 44 percent said problems
with accessing necessary credit, 36 percent
said meeting operating expenses and 25
percent cited difficulty making payments on
their debt.
Having access to available credit is the
biggest impediment for small businesses.

According to the survey, 42 percent of small
businesses rely exclusively on their owners'
personal credit scores to secure debt;
another 45 percent use both the owners'
personal scores and business credit scores.
The most common way firms cope with
financial challenges is by self-funding-76
percent of small business owners used
personal funds to fill the gap.
"Despite their outsized role in the U.S.
economy, many small businesses lack
the financing necessary to stabilize and
grow their businesses," said New York Fed
President William C. Dudley. "Supporting
access to capital and effective financial
management empowers small businesses
to thrive in today's evolving economy, so
that they can continue driving job growth
and innovation."

ACAINTERNATIONAL.ORG


http://www.ACAINTERNATIONAL.ORG

Table of Contents for the Digital Edition of Collector - July 2017

Upfront
Industry News
Best Practices
FYI
Collection Tips
What’s in Your Policy?
State Licensing Laws: What’s New and Trending
The Question of Rule 68
Calendar
Honor Roll
Healthcare Data at Risk
ACA Members Meet in D.C. to Advocate on Behalf of Industry
Fixing What’s Broken
Credit Listening Considerations
U.S. Supreme Court Hands Collection Industry a Win in ACA-Supported Case
Compliance
ACA SearchPoint
Last Word
Collector - July 2017 - Cover1
Collector - July 2017 - Cover2
Collector - July 2017 - 1
Collector - July 2017 - 2
Collector - July 2017 - Upfront
Collector - July 2017 - Industry News
Collector - July 2017 - 5
Collector - July 2017 - 6
Collector - July 2017 - 7
Collector - July 2017 - Best Practices
Collector - July 2017 - 9
Collector - July 2017 - FYI
Collector - July 2017 - 11
Collector - July 2017 - Collection Tips
Collector - July 2017 - 13
Collector - July 2017 - What’s in Your Policy?
Collector - July 2017 - 15
Collector - July 2017 - 16
Collector - July 2017 - 17
Collector - July 2017 - 18
Collector - July 2017 - 19
Collector - July 2017 - State Licensing Laws: What’s New and Trending
Collector - July 2017 - 21
Collector - July 2017 - 22
Collector - July 2017 - 23
Collector - July 2017 - The Question of Rule 68
Collector - July 2017 - 25
Collector - July 2017 - 26
Collector - July 2017 - 27
Collector - July 2017 - Calendar
Collector - July 2017 - Honor Roll
Collector - July 2017 - Healthcare Data at Risk
Collector - July 2017 - 31
Collector - July 2017 - ACA Members Meet in D.C. to Advocate on Behalf of Industry
Collector - July 2017 - 33
Collector - July 2017 - 34
Collector - July 2017 - 35
Collector - July 2017 - Fixing What’s Broken
Collector - July 2017 - 37
Collector - July 2017 - 38
Collector - July 2017 - 39
Collector - July 2017 - Credit Listening Considerations
Collector - July 2017 - 41
Collector - July 2017 - U.S. Supreme Court Hands Collection Industry a Win in ACA-Supported Case
Collector - July 2017 - 43
Collector - July 2017 - Compliance
Collector - July 2017 - 45
Collector - July 2017 - ACA SearchPoint
Collector - July 2017 - 47
Collector - July 2017 - Last Word
Collector - July 2017 - Cover3
Collector - July 2017 - Cover4
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