New York City is considered to be one of the most important financial hubs in the world. While the city has emerged relatively strongly from the recession - thanks in large part to a strong small business and startup community - obtaining credit remains a challenge to small companies in the Big Apple.
Small firms have been slow to hire, contributing to an 8.6 percent unemployment rate in the city, but most analysts anticipate credit markets will improve in coming months. As it does, entrepreneurs looking to form an LLC in New York may want to consider alternative financing options so as to optimize personnel and reserve capital for growth strategies such as marketing and customer service.
In fact, a survey released last week by American Express found global finance executives are more confident in the economy than they've been in years - a response to renewed investment in such expansion strategies.
"We will see a frothier deal-making environment and greater spending to win and retain customers as businesses jockey for position in a recovering economy," said Janey Whiteside, senior vice president of global client group at American Express Corporate Payment Solutions.
Accordingly, business owners need to consider how certain growth strategies will influence their growth plans.
Tags : financial management, ny, small business management
Posted: May 25th, 2011