US Small Business Lending Rises for Fifth Straight Month
Posted on February 6th, 2011
For a fifth straight month small business lending has increased according to latest small business index release of Thomson Reuters/Pay Net lending index. Lenders have provided 20 percent more credit to small businesses in December 2010 as compared to November.
The data is a good sign for the country’s economic future as small business has been a big employment generator for the US economy. The index has reached its highest point since July 2008 and it has been has been the sharpest month to month increase since March 2006.
William Phelan, president and founder, Pay Net Inc. says, “Small businesses are borrowing more and they are finding it easier to pay their bills.” The recovery is taking place on a steady rate and has a solid footing.
Small businesses new hiring accounts for 80 percent new employment. But it is also true that increases in small business loans may not always result in new jobs. According to the index, businesses are using money to fix out of date machines.
Similar Posts:
- Small Business Lending Increases in New York and Other US States
- Lending of SBA Increases, Loan Rise up-to 30 percent
- $30 Billion Community Bank Fund for US Job Recovery
- $ 13 M to Go to Small Businesses of New Hampshire
- Huntington Rises to 4th Position in SBA’s Lender List
Tags: Fifth Straight, Fifth Straight Month, Month, Straight Month
Filed under Business News |