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Older Americans Less Certain About Small Business Financing

NFCC survey reveals that younger adults are less likely to express uncertainty when it comes to financing a commercial venture of their own.

WASHINGTON, Aug. 30, 2019 /PRNewswire-PRWeb/ -- Results from a recent survey revealed that a generation gap exists when it comes to knowing where to obtain funding for a small business. The National Foundation for Credit Counseling® (NFCC®) survey, conducted online by The Harris Poll in March 2019 among 2,086 U.S. adults ages 18 and older, revealed that over one in three (35%) are not at all sure how they would come up with the money if they were looking to finance a new business. Among them, more adults age 45 and over were not at all sure where they would obtain funds compared to their younger counterparts age 18 to 44.

"A good business idea deserves smart funding choices for the best chance of success," said NFCC spokesperson Bruce McClary. "Any uncertainty about small business financing deserves clarification, which can come from working with a nonprofit NFCC member agency that provides financial guidance for small business owners."

Among U.S. adults who express greater certainty, nearly 1 in 3 (32%) would seek a business loan through a bank, credit union, or online-only lender. About one quarter would rely on personal funds or liquidate personal assets.

The NFCC small business financial counseling and education program provides clarity and direction for those who are trying to determine the best way to manage important financial decisions that will help grow their business. Offered as a part of the Sharpen Your Financial Focus® (Sharpen) and supported exclusively by TD Bank and The TD Charitable Foundation, the charitable giving arm of TD Bank, the program provides guidance on the separation of personal and business finances, managing business cash flow, understanding tax implications, insurance and more.

Anyone with an interest in making the most of their personal financial goals while starting or growing a small business can connect with an NFCC Member today by visiting nfcc.org/smallbusiness or calling toll-free 844-359-3792.

About NFCC

Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation's first and largest nonprofit dedicated to improving people's financial well-being. With a national network of member offices serving 50 states, DC and Puerto Rico, our NFCC® Certified Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, small business, housing decisions, and overall money management. Make one of the best financial decisions of your life. For expert guidance and advice, call (800) 388-2227 or visit http://www.nfcc.org today.