While the economy is showing signs of life, many small businesses still have a tough time getting banks to lend them money. In fact, half of small businesses say that it is harder to obtain credit than it was a year ago, including 33% that say it is much harder, according to Greenwich Associates' most recent quarterly survey. Just 15% of the small businesses say credit conditions have improved.
The Greenwich survey, conducted in October, shows that while midsize companies enjoy somewhat better credit access than small firms, 35% of them say credit is harder to come by and only 25% say it has gotten easier to get a bank loan.
Some 60% of middle-market companies say they're worried about getting the funds they need to run their business this year, as do 70% of small businesses.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
