Finance & Lending

National Funding Card National Funding Card

Have Your National Funding Card? Get Started.

02 14 2014

02 14 2014

Small Businesses in Northeast Report Optimism

More small businesses in New York, New Jersey, Connecticut and Pennsylvania think the coming year will be a good one, with greater ease of getting credit, according to the New York Fed’s biannual Small Business Credit Survey. The central bank polled businesses with fewer than 500 employees.

“Survey results indicate a good credit market for experienced and profitable firms and a generally positive business outlook for the first half of 2014,” the New York Fed said in a statement. “The survey also found that managing uneven cash flows was the top business concern, ranking above access to capital for the first time since 2010, when the survey began.”

They’re optimistic for good reason: Nearly two-thirds of businesses that applied for credit in January were approved. The applicants with the highest approval rate were those seeking loans of $100,000 or more.

“Profitable firms with positive credit history reported much better experiences,” Claire Kramer Mills, a regional and community outreach officer for the New York Fed, said in an interview with Crain’s New York Business. “Most applicants reported needing small amounts of capital – less than $100,000 – but the search costs for loans in those amounts are high.”

Thirty percent of respondents said they plan to hire in the first half of this year, while 29 percent said they likely will apply for credit and about 27 percent are seeking business capital for expansion. Not only do the respondents expect growth in the first half of 2014, but they foresee success, as 58 percent said they predict more revenue than in 2013 and 54 percent believe they’ll see profits.

Small businesses that plan to seek credit this year – whether for hiring or expansion – should look into nontraditional lenders for approval. Companies like National Funding offer borrowers ease of access and more term flexibility.


  • How to repair bad business credit

    How to Stretch Every Dollar For Your Small Business

    Small businesses don't always have a surplus of cash lying around. When your enterprise performs well or you have an exceptional month in terms of sales, you're shrewdly deciding how to best allocate that revenue to keep the company stable and grow in an effective, sustainable way. Because most small organizations don't have the endlessly… […]

  • 2017 small business taxes

    New Small Business Tax Code Changes For 2017

    Contending with taxes can be a headache for small business owners, especially when the new year brings in a lot of additions and alterations to the tax code. Having a strong grasp of what's different for filing your business taxes in 2017 means you're more informed and can make better decisions about doing them yourself,… […]

  • Get your brand on mobile devices

    3 Ways to Get Your Brand On Customers Mobile Devices

    Everywhere you look, you're bound to see someone scrolling through newsfeeds, messages or even news articles on their mobile devices. Smartphones are no longer considered so much a luxury as they are a necessity. In the U.S., 72 percent of the population reports owning a smartphone, according to a survey conducted by the Pew Research… […]

  • Alternative lending benefits small businesses

    3 Alternative Lending Situations That Benefit Small Businesses

    Businesses strive to be different from one another. Whether its your products, your customer service or your convenience, you have at least one feature that's your differentiator. But no matter how hard you try, there'll always be one thing every business has in common: A need for money. Cash is the lifeblood that powers your… […]