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mall businesses are the bedrock of the American economy, and loans play a crucial element in helping this part of the economy survive and thrive.��

For the vast majority of small businesses across industries, profit margins are slim and cash flow is tight. In many cases, small businesses need to access capital to invest in equipment, make payroll, or pursue marketing activities to help expand their customer base.��

Despite the clear need for small business loans, the options available to small businesses are limited. Particularly for small businesses that are bringing in less than $250,000 in revenue, they’re faced with “borrowing” money through high-interest credit cards, or going through a loan application process with a bank that can be drawn out, only to end with being declined.

To get a better sense of small business owners’ experiences with loans, as well as their ideal loan size and intended uses, ���DZ��� surveyed 547 small business owners. Key insights included:

• Most small business owners have applied for a loan, and many have been denied: 59% of small business owners reported having applied for a loan to finance their small business. Of the small business owners who applied, 45% were declined at least once.��
• Desired loan sizes are below $50,000: When asked about their ideal loan size, 80% of respondents wanted a loan under $50,000, and 29% reported their ideal loan size was less than $10,000.��
• Small businesses want to use loans to grow: When asked how they would use their loan, some of the most popular choices focused on growing their physical presence, customer bases, and production capacity.�� 53% of respondents reporting that is how they would use the money for marketing and advertising, 46% said they would use the loan for equipment or property, and 39% would purchase more inventory.
• Small businesses are concerned about debts and financial obligations: 47% of respondents reported that, were they to apply for a loan today, they would use it to pay off debts. 19% of users reported that they would use a small business loan for payroll.

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���DZ��� has incorporated these insights into its new working capital product, ���DZ��� Funding, which launched this week. The ���DZ��� Funding application can be completed in under 10 minutes, and ���DZ��� will complete its review within 24 hours of receiving the application. Once approved, the small business will have instant access to up to $75,000 of working capital via their ���DZ��� account.

To learn more about ���DZ��� Funding, visit novo.co/funding.