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Majority Of Small Businesses Put Off Spending

Written by Jenna Weiner
Published: 8/25/2010

Sixty percent say they wont hire new workers in the next six months.

Despite feeling more positive, the majority of small business owners are not planning to increase the amount they spend or hire new workers, a survey says.

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The recently released Small Business Barometer survey by Capitol One reveled that, while 43 percent of small business owners said the economic conditions were stabilizing and 39 percent said conditions were getting better, the majority wouldn't be hiring in the next six months. Sixty percent of small businesses said that they were planning to keep investment the same, meaning they would not be hiring full- or part-time employees.

Robert M. Kottler, executive vice president of small business banking at Capital One, said that the second quarter results reveled apprehension among small business owners.

"Compared to results from the first quarter, small businesses are slightly less optimistic about economic conditions and an increased number of small businesses plan to hold off on capital investment and job growth plans for the next six months," said Kottler.

President Barack Obama made small business news while vacationing on Martha's Vineyard earlier this week. He told reporters that Republican opposition to the small business bill in Congress "defie[d] common sense."

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