6% of Small Business Owners Say Financing is their Top Business Concern
June 11, 2024
Delaney Sexton
Contributing Editor
6% of Small Business Owners Say Financing is their Top Business Concern
The NFIB Optimism Index rose 0.8 of a point in May, which is the highest reading so far this year. Small business owners’ uncertainty was much stronger this month. The Uncertainty Index increased by 9 points to 85. This is the Uncertainty Index’s highest reading since November 2020.
Here’s how the current credit conditions are for small business owners:
- In May, 6% of owners reported financing as their top business problem, the highest reading since June 2010.
- 31% of small business owners say that they borrow at least once every three months.
- Up 1 point from April, 29% of small business owners reported that all their credit needs were met.
- 3% of small business owners feel that their credit needs were not met.
- When trying to obtain a loan, 6% of small business owners had a more difficult time.
- On their most recent loan, 20% of small business owners paid a higher interest rate.
- The average interest rate paid on short-term loans was 9%.
- 58% of small business owners are not interested in obtaining a loan.
- 7% of small business owners expect worsening credit conditions in the future.