Changes
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The following Following information taken from [http://newsroom.bankofamerica.com/sites/bankofamerica.newshq.businesswire.com/files/press_kit/additional/Fall_2014_Bank_of_America_Small_Business_Owner_Report.pdf (Bank of America)]unless otherwise noted.
→Changing nature of raising capital
==Changing nature of raising capital==
*Only 29 percent of small business owners said they’ve applied for a business loan over the last two years
**90% of those who applied were approved
*More than half (58%) of Millennial small business owners applied for a business loan within the last two years, nearly twice that of Gen-Xers (30%). Friends and family are an important source of funding for Millennial small business owners, with 30% saying they’ve received a loan from their loved ones in the past. Millennial small business owners are nearly five times as likely as Gen-Xers to have received past funding from a peer-to-peer network, while Boomers (25 percent) were more than twice as likely as Millennials (10 percent) to have received funding from a home equity loan/other personal debt.
