12/23/14

What Time of Year Do Small Businesses Look For Loans? (Infographic)

Here at Lendio, we get a LOT of people looking for small business loans. After a few years, we’ve started to notice some trends. Turns out, different industries look for loans at different times. So, we’ve compiled that data into an infographic for you, and we’ve found the reasons why these businesses show these trends. Enjoy.
Lendio Seasonality Small Business Loans

Small business loan demand varies by industry and season. In Lendio’s latest monthly infographic, we found that certain industries show strong upticks during certain months of the year. We analyzed the six industries with the strongest seasonal trends and found the top reasons why they were looking for a business loan. Here’s what we found:

Peak Months for Small Business Loans by Industry

Manufacturing

Peak months: January through February

Reasons they’re looking for a small business loan:
•Buying equipment
•Hiring
•Expansion (rent/purchasing land, space, etc.)

Construction

Peak months: October through November

Reasons they’re looking for a small business loan:
•Payroll and surviving through the winter
•Advertising
•Purchase equipment

Retail

Peak months: January through April

Reasons they’re looking for a small business loan:
•Startup costs
•Rent
•Payroll

Non-Profit

Peak months: May through August

Reasons they’re looking for a small business loan:
•Buying a new space or fixing up the current space.
•Operation Costs
•Equipment

Agriculture

Peak months: February through June

Reasons they’re looking for a small business loan:
•Starting a Farm – Buying the land and initial equipment
•Expanding/Renovating the farm
•Purchasing equipment

Finance/Insurance

Peak months: November through December

Reasons they’re looking for a small business loan:
•Rent and Supplies
•Acquire another company
•Purchasing equipment

Lendio – The Center of Small Business Lending

*This infographic data is based on a Lendio survey of over 100,000 small businesses.

 


 

To see all of your small business loan options, click here and get started with Lendio.

Here are some other articles you might be interested in:

Garage to Fortune 500: How Five Companies Started Small and Ended BIG!
Business Loans vs. Line of Credit

 

 

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About the author

Erik Larson
Erik Larson frequently writes for Lendio about SEO, Digital Marketing, Social Media Marketing, Business Loans, and whatever else strikes his fancy. He can be found on Google+ and Twitter.

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