Small Biz Lending Reaches Low Point
Small business loans have been tough to find this summer. The number of loans made to small businesses dropped significantly recently, and in June the number of loans was the smallest it’s been since October.
In fact the number has fallen five times in the past six months. The plummet is in part due to waiting for the Federal Reserve to change interest rates.
Despite a drop in the number of small business loans, PayNet found that more small businesses are now able to pay back their loans on time. Hopefully this means we will see an increase in small business loans in the near future.