Small business owners are finding it less difficult to obtain credit, according to the latest Wells Fargo/Gallup Small Business Index survey in April.
Since the last survey in January, Wells Fargo/Gallup says the number of small business owners who found it difficult to obtain credit in the past 12 months declined by 3 percentage points (from 33 to 30 percent).
The number of business owners expecting difficulty securing credit over the coming 12 months fell by 6 percentage points (from 38 to 32 percent).
This improved optimism about future credit availability contributed to the Small Business Index's 8-point growth over last quarter from 15 to 23, and is the strongest Index score recorded since Q3 2008 when the Index was at positive 45.
Looking ahead, 14 percent of small business owners said they planned to apply for new credit over the next year. Of those who planned to apply, responses were equally split between financing short-term needs, like operating expenses, and long-term needs like capital investments.