According to the latest Thomson Reuters/PayNet lending index, Small-business lending hit a four-year high in November. “The total volume of small-business financing increased by 18% over the same period last year, and reached the highest level since Feb. 2008, its latest data show”.
One in five of more than 500 small firms recently surveyed by SurePayroll, a Chicago small-business payroll firm, said they were planning to borrow to grow their business in the months ahead.
In 2011, a poll by Pepperdine University concluded that more than 60% of small-business loan applications were denied. With conditions improving, an increase small business lending is definitely a turn in the right direction.