Small Businesses See Spike In Loan Approvals For June
Written by Ken Gaebler
SMB loan approvals and other factors drive an increase in the SB Authority Index in June.
Although the news for small businesses has been mostly dismal for the past month, things may be looking up, as the Small Business Authority released the SB Authority Index for June, which showed a 1.17 percent spike from the previous month.
The index reached 106.07 points after only a slight increase the previous month, when the Index was 104.89. The SBA said the increase this month was due to SBA loan volumes, the Russell microcap index and retail sales.
SBA President and CEO Barry Sloane said the small business economy is continuing to see mixed results, and reminded people that the index numbers are not final. However, the index includes current numbers from eight different economic factors that directly effect small business. He said that June saw the loan volume jump over the previous year and said small businesses are waiting for more money under President Barack Obama's recovery plan.
"We continue to be concerned with the business climate but we welcome Washington's effort to reduce the federal deficit and uncertainty for small businesses and their future," he said.
When May's Index was released last month, Sloane said small businesses need to invest and hire for future growth, but that will take more spending from consumers.
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