Kala Gibson: April 27, 2016

HOW CAN SMALL BUSINESSES GROW THEIR BUSINESS?

EXPERT SHARES TOP TIPS AND RESOURCES TO HELP SMALL BUSINESS OWNERS GROW

**Small Business Week is May 1-7**

Kala-Gibson

Kala Gibson

Fifth Third Bank Senior Vice President
and Head of Business Banking

 

As any small business owner can attest, starting or growing a business is no easy task. That being said, there are countless resources available that many small business owners are neglecting. In fact, according to a recent survey by Fifth Third Bank, most small business owners aren’t taking advantage of resources that could help alleviate many of the biggest problems that business owners face.

  • Nearly 40% of small business owners surveyed say that they struggle with growing revenue or increasing profits.
  • More than 80% said they have never worked with a community resource group to help formulate their business plan or strategy

For small businesses, cash flow and access to working capital are two of the most important ingredients for success, yet:

  • 76% used personal saving/retirement funds to start the business
  • 60% would use personal savings to inject capital into their business, while
  • 28% would use a credit card and only
  • 13% would seek out a bank loan

Small Business Week is May 1st through 7th and Fifth Third is reaching out to small business owners to remind them to check in with their banker and encourage them to connect with these valuable community resources that are available to assist small businesses. Earlier this year Fifth Third announced a 5-year, $7 million commitment to support community resources that aid small business. In 2015, Fifth Third Bank loaned more than $2 billion to small businesses.

 

More About Kala Gibson:

Kala Gibson is Senior Vice President and Head of Business Banking for Fifth Third Bank. He has been in Banking for over 24 years and has had assignments in Community Banking, Middle Market Banking, Asset-Based Lending and Retail Banking.  Kala received his Bachelors in Business Administration from Grand Valley State University and received a Masters of Business Administration from Michigan State University graduating with honors.

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