Confidence starting to build among US small and mid-sized businesses
Optimism about the economy built slowly but steadily in the second half of 2012 among US small and mid-sized businesses, some of which are likely to seek more credit in 2013 as they become increasingly confident in business fundamentals.
A new Greenwich Market Pulse revealed that owners and executives of 40 per cent of small businesses and 37 per cent of mid-sized companies reported that the current environment has actually had a positive impact on their business.
This study from Greenwich Associates covered 262 small businesses, defined as those generating revenues between USD1m and USD10m, and 262 middle market companies, with sales of between USD10m and USD500m.
One important contributor to that impact is the seemingly positive behaviour of banks towards many small businesses. Forty-six per cent of small businesses that borrowed in the three-month period ending in late October/early November reported that credit was “easier” or “much easier” to obtain as opposed to 24 per cent approximately a year ago.
Only 17 per cent of small and mid-sized businesses said that they had accessed credit on the back of federally sponsored programmes, an indication that many businesses had received loans on the strength of their performance in a challenging environment.
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