Small Business Optimism Drops to Lowest Level Since 2012
April 11, 2024
Delaney Sexton
Contributing Editor
Small Business Optimism Drops to Lowest Level Since 2012
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Small Business Optimism
The NFIB Small Business Optimism Index decreased by almost a point in March. This sent the index to its lowest reading since December 2012. It is reported that this is the 27th consecutive month below the fifty-year average. More than a third of business owners expect that general business conditions will be worse six months from now.
Credit Markets
- 27% of small business owners reported that all their credit needs were met, which increased by 3% in March.
- Only 2% said that all their borrowing needs were not met.
- 59% of small business owners are not interested in a loan.
- Also increasing 3% in March, 28% of small business owners reported borrowing on a regular basis.
- A slight increase, 8% of owners said that their last loan was more difficult to get than previous attempts.
- On their most recent loan, 17% paid a higher rate.
- The average rate paid on short maturity loans was 9.8%, up 1.1 points from February.
- Only 4% reported that financing was a top business problem.
Source:
NFIB SBET March 2024