Trends

 

10 29 2014

10 29 2014

Small and Medium Sized Businesses Experiencing Higher Confidence Levels

Owners seeking out operating capital loans are likely benefiting from a robust recovery in the small business market, according to a new report.

The Association of Chartered Certified Accountants and Institute of Management Accountants have stated that both business confidence and economic outlooks have improved for small and medium-sized enterprises over the past year in their second Global SME Performance Review.

While the report takes a global perspective, focusing on areas as diverse as Western Europe and the Middle East, there’s no doubt a strengthening business market is being felt in America specifically.

In fact, a recent report from small business mentorship company Score showed that optimism in the small business marketplace has increased considerably since the second quarter of 2013. Overall business optimism reached a score of 47 during the second quarter of 2014, up from 16 during the same time last year.

Meanwhile, 57 percent of business owner survey respondents told Score they planned to expand over the next year, an undertaking where small business loans can be invaluable.

So what’s leading to growing confidence on the part of business owners? Besides a steadily recovering economy, it’s likely owners are responding to more positive consumer sentiment.

Sentiment reaches highest level in seven years

The most recent consumer sentiment report from the Thomson Reuters/University of Michigan index illustrated the current confidence of consumers. In fact, the index rose to its highest level since July 2007 during October, reaching 86.4.

With improved consumer sentiment acting as a portent of increased spending, and the holiday shopping rush right around the corner, it’s no surprise that business owners are feeling reassured and gearing up to capitalize through expansion efforts.

The key for many business owners, however, remains finding the right small business loan option to make such expansion plans a reality.

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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

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