Onnit Marketing Group: How the 'Obama Years' Affected Small Business Growth

    DENVER, CO, January 29, 2016 /24-7PressRelease/ -- After taking office in 2009, the US economy was in a deep recession. Onnit Marketing Group has looked into how small businesses were impacted during his time in power. Named the 'Obama Years', the President declared his pledge and promised recovery. With the tightening on loan processing, one of the areas that suffered was that of small businesses looking to secure funding for their ventures.

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Fast forwarding to 2011, Onnit Marketing Group explore the effects on lending. Opportunities to secure capital came in the form of high interest capital from firms such as Biz2Credit.com, who looked to exploit the gap in the market. As the banks recovered from the recession the momentum was gathering through third party financers, and by December 2015 figures reported by Biz2Credit.com were reported as an approval rate of 62.5% vs the big banks' 22.9%. The promising side of this statistic comes as the big banks were finally starting to increase their approvals, therefore allowing fair lending rates to again be established.

Onnit Marketing Group is enthusiastic following the SBA loan programme which was designed to reduce risk assumed by lenders, which in turn allows them to offer competitive lending. The rate of entrepreneurship as a result has increased, and is forecast to continue. On January 7th, SBA Administrator Maria Contreras-Sweet testified before the House Small Business Committee and reported during the fiscal year 2015. The agency reached historic levels of lending under its flagship 7(a) program. "We reached $23.5 billion in gross approvals, a 22% increase in the number of loan approvals, and a 23% increase in the dollar value of those loans, compared to FY14," Contreras-Sweet reported. "It's not just the overall numbers that were up. We were able to target businesses with the greatest difficulty accessing capital. The dollar value of our 7(a) loans was up 22% to women, 23% to minorities and 103% to veterans."

Obama was quoted boasting that private sector job creation is rising all the time. With the current figure at an all-time high with 14 million new jobs and unemployment in some states as low as 2%, this is a great win for Obama and his presidential run. Small business growth is crucial for long-term economic growth and success. By creating new job opportunities, and injecting higher taxes into the local economies, Onnit Marketing Group is excited to see what the future years offer to support small businesses.

Onnit Marketing Group is a Denver-based direct marketing firm that works on behalf of their clients' brands to generate increased customer acquisition, brand awareness and brand loyalty. The firm support young professionals who are looking to start their own business through their business development opportunity. This gives aspiring entrepreneurs the chance to develop their skill sets in a business environment and prepares them for any challenges they may face.

Onnit Marketing Group deliver a high ROI for their clients through personalized marketing methods. For more information Follow @OnnitMarketingG on Twitter and Like them on Facebook.

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