Small Businesses are Borrowing Less Frequently in February 2024
March 12, 2024
Delaney Sexton
Contributing Editor
Small Businesses are Borrowing Less Frequently in February 2024
The NFIB found that small business owners are still weary of the current economic conditions in their February 2024 survey. Small business sentiment about future credit conditions is slightly improving, though small business owners’ expectations remain low.
These are the statistics on current credit conditions.
- 25% of small business owners said they borrowed at least once every three months, the lowest reading since June 2022.
- 7% of small business owners said their most recent loan was more difficult to obtain compared to three months ago.
- Also the lowest reading since June 2022, 16% of owners reported paying higher interest rates compared to three months ago.
- Small business owners pay an average interest rate of 8.7% on short-term loans.
- Only 4% of business owners reported financing as their top business problem.
- More than 60% of owners said they were uninterested in a loan.