US Small Business Loans Jump
Good news for small businesses means good news for business, in general. CNBC reports that U.S. small businesses loans increased in the month of September. According to data released by PayNet, the increase in small business borrowing came sooner than expected. The Thomson Reuters/PayNet index measures the overall volume of financing to U.S. small businesses to determine the 16% jump from last year.
PayNet president William Phelan tells CNBC that the small business loan jump “doesn’t point to anything but a robust recovery. These small businesses are people who see the demand in the economy every day, and they are alert to react very quickly to that demand.”
Many are hoping that the small business loan jump in borrowing will translate to an increase in jobs. CNBC adds that many of the small business loans are used to buy new equipment. The next logical step would be to hire new workers to work the equipment. CNBC adds that nearly one in every ten U.S. workers is currently unemployed.
