The Wells Fargo/Gallup Small Business Index released today shows that entrepreneurs appear to have high hopes for the near future as 61 percent of respondents said they expect their financial situation to be "very good" or "somewhat good" in the next 12 months.

Small businesses also look as if they will increase spending over the next year, which is likely to have a positive effect on the overall economy. According to the index, 23 percent of small business owners said their capital spending will "increase a little" or "increase a lot" over the next year - a 44 percent increase over the previous quarter's survey.

But perhaps even more encouraging for small business owners across the nation is the future expectations optimism level which rose to a score of 10 in this quarter's survey after standing at 1 in the previous quarter.

This would appear to be yet another small business survey showing the economy is improving for entrepreneurs. Last month's Discover Small Business Watch increased for the third month in a row and reached its highest point since February 2008.