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Report: Little Interest In Loans From Entrepreneurs

Written by Ken Gaebler
Published: 4/2/2010

New survey results from PNC show little interest in loans from small business owners.

A new report from financial services group PNC shows that few small businesses are currently interested in loans.

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The spring results of the biannual survey are based on phone interviews with more than 1,200 owners or senior decision-makers from small or medium-sized businesses.

When asked about loans, 78 percent said they will probably or definitely not take out a new loan or line of credit during the next six months. Nineteen percent said they would do so.

Improved sales and profits could be good news for small business owners. Nearly half of businesses (47 percent) said they expected sales to increase - only 26 percent said the same thing one year ago. Additionally, 37 percent now expect profits, while only 21 percent expected them last year.

Feelings about local economies are slightly better than thoughts on the U.S. economy as a whole. While 58 percent said their view of the nation's economy was pessimistic, only 48 percent said they were pessimistic about their local economy.

Entrepreneurs who are interested in securing loans should be careful. Earlier this week, the U.S. Small Business Administration issued a warning for small businesses concerning fraudulent offers for loan assistance.

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