More than two in five (41%) small to midsize businesses are experiencing tighter lending standards today than they saw in early 2021, and one-quarter of those have seen credit tighten considerably.
This is the headline news from the Greenwich Market Pulse research released on Tuesday by Coalition Greenwich. The Greenwich Market Pulse is an ongoing research series focused on the banking relationships of companies with $500 million or less in annual revenue. The latest survey was conducted in March 2023 and included 576 respondents.
The executives who participate in Coalition Greenwich's research have been feeling pessimistic for more than a year now. The Greenwich Optimism Index, which is based on the Market Pulse studies, has been negative ever since the Federal Reserve started raising interest rates in March 2022. This negative reading means that most of the businesses in the Coalition Greenwich research expect economic conditions to deteriorate going forward.
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