Small business owners are finding it easier to get loans, which could mean an increase in job opportunities, reports USA Today. Although small business owners still complain credit is tight, a survey released by the National Federation of Independent Business, the portion saying loans were harder to get than 3 months earlier was the lowest since September 2008.
Overall, 91% of owners indicated that all their credit needs were met or that they were not interested in borrowing. 9% reported credit needs not satisfied, and a record 52% said they did not want a loan. Only 3% reported financing as their number one business problem.
30% of the owners reported weak sales as their top business problem, a major cause of the lack of credit demand observed in financial markets. A near record low 31% of all owners reported borrowing on a regular basis.
Reported and planned capital spending are at 35 year record low levels, so fewer loans are needed. Those looking for loans predominately are looking for cash flow support, not funds to expand or hire.