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→Changing nature of raising capital
*Only 29 percent of small business owners said they’ve applied for a business loan over the last two years
**90% of those who applied were approved
*More than half (58%) of Millennial small business owners applied for a business loan within the last two years, nearly twice that of Gen-Xers (30%). Friends and family are an important source of funding for Millennial small business owners, with 30% saying they’ve received a loan from their loved ones in the past. Millennial small business owners are nearly five times as likely as Gen-Xers to have received past funding from a peer-to-peer network, while Boomers (25 percent%) were more than twice as likely as Millennials (10 percent%) to have received funding from a home equity loan/other personal debt.
