According to Cynthia Kay, vice-chair of advocacy for the National Small Business Association (NSBA) and president of Cynthia Kay and Company, a media company based in Grand Rapids, Michigan, access to capital is one of the largest impediments facing America's small businesses. "Even in the best of times, it hinders both aspiring and thriving entrepreneurs," she said. "In fact, the small business members of NSBA consistently identify access to credit and capital as one of the top issues impacting their firms. This comes at a time when small businesses believe the economy is improving, and they are willing to take on additional debt in the form of financing."

In July 2013, 65 percent of NSBA members responding to a survey reported that they were unable to obtain adequate financing for their businesses. By December 2014, that had increased to 69 percent.

One of the biggest barriers to small business financing, said Kay, is a requirement that debt be secured by equity in fixed assets. "Many small and startup businesses lack the kind of equity necessary for traditional bank loans," she said. "The gap in debt equity financing especially hinders startup and growing businesses, as these entrepreneurs typically do not have the assets necessary to acquire sizeable loans."