Small Business Finance News

Small Businesses Believe The Worst Is Over, Economy On The Rebound

Written by Jenna Weiner
Published: 2/17/2010

A new small business study suggests that entrepreneurs may have learned a few valuable business lessons from the recession. The study also finds that most small business owners believe the worst is over.

For most of 2009, there wasn't much good news for small business owners. Even as the economy bottomed out and began to recover, small businesses were left with quite the mess big mess to clean up.

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As a result, a report from CIT bank in conjunction with Forbes indicates that 81 percent of small business owners believe that they are smarter about running their business than they were before the recession. Also, 90 percent of respondents believe the recession is over and the United States economy is ready to recover.

The survey polled 220 small U.S.-based businesses from December 2009 through January 2010.

"Many small businesses expect to fare better this year than last, but the current environment is still a challenging one, mainly due to lack of available financing," Chris Reilly, president of CIT small business lending, said. "This is why CIT has allocated up to $500 million in funding for small businesses in 2010, and has waived the packaging fee on all new loan applications through March 10."

CIT isn't the only bank upping its small business lending. Huntington Bank announced recently that it will provide $4 billion in small business lending over the next three years.

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