small business

Number of Small Loans Outstanding Grew by 25 Percent

The number of small business loans outstanding under $100,000 increased 25 percent between June 2004 and June 2005, according to a report released by the Office of Advocacy of the U.S. Small Business Administration. The increase came mostly from credit card use by small businesses. The report also noted that the number of small business loans outstanding between $100,000 and $1 million increased 5 percent during the same period.

 "Access to credit is vital for small business survival," says Dr. Chad Moutray, Chief Economist for the Office of Advocacy. "That is why we produce our annual lending report, so that trends in small business finance are made clear. One evident trend is the increase in the number of micro business loans outstanding. Coupling that increase with the small increase in the dollar amount outstanding of those loans shows that the small business credit card market continues to be quite dynamic." HBM

Previously published in the April 2007 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com