Small Business Owners Turn to Whole Life Insurance and Other Alternative Financing Options to Overcome Tight Credit

Santa Fe, New Mexico — Just as small business owners across the nation have begun to steadily turn to other alternative financing options like whole life insurance to overcome the ever-tightening credit markets, New York Times best-selling author and Bank On Yourself founder Pamela Yellen has teamed up with Pulitzer Prize-nominated journalist Dean Rotbart to write a report focusing on how whole life insurance policies can be used as tax-advantaged and readily accessible sources of cash for any small business owner facing economic hardship.

According to Yellen and Rotbart, “Among the best non-conventional or alternative financing options for small businesses are loans taken against the owners’ or business’s whole life insurance policies.” Policies such as those that conform to the Bank On Yourself strategy have continued to prove resilient in any economic climate, allowing the borrower to receive necessary funds without a credit check, without having to submit financial statements, and without needing the approval of a loan committee.

In 2009, 55 percent of small employers attempted to obtain credit and at least half of them failed, according to the National Federation of Independent Business, or NFIB. One third of those owners seeking to renew their existing lines of credit were rejected. Among the 61,148 businesses filing for bankruptcy during the 12-month period ending March 31, 2010, many simply ran empty on fiscal fuel.

Yellen, who has investigated over 450 savings and retirement planning strategies and vehicles before learning about Bank On Yourself, adds, “Whether through acute foresight or just an extra dollop of good luck, those small business owners who best withstood the financial assaults of The Great Recession did so because of decisions they made and actions they took years earlier. By contrast, those who weren’t prepared for the economic meltdown – but merely tried to respond once it arrived – have fared the worst.”

To read Yellen and Rotbart’s full story on how small business owners are turning toward non-conventional financing options, visit: http://www.bankonyourself.com/small-business-owners-turn-to-whole-life-insurance-and-other-alternative-financing-options-to-overcome-tight-credit.html?utm_source=cs&utm_medium=media&utm_campaign=bizownerfinancing

Bank On Yourself founder, Pamela Yellen, has dedicated her life to helping people from all walks of life understand this method, so they can use it to achieve their financial goals and dreams.

BankOnYourself
903 W Alameda St # 526
Santa Fe NM 87501-1681

This release was published on openPR.