This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Small Biz Lending Picked Up In October

NEW YORK (AP) â¿¿ Small business owners borrowed more in October, a sign that they might be getting more confident about hiring.

Lending to small companies rose 11 percent from September's level, according to a survey released Monday by PayNet, which provides credit ratings on small businesses. Small business lending has been erratic recently, dropping in September after increasing in July and August.

The Thomson Reuters/PayNet Small Business Lending index, which is based on new commercial loans and leases granted to small businesses, rose to 107.5 from a revised 96.4.

Owners have been very cautious about borrowing because of uncertainty about the economy. But recent reports have shown that small companies are hiring slowly. And positive news came from the government last week: The economy grew at a better-than-expected 2.7 percent annual rate during the third quarter. That may encourage owners to hire, although many may be waiting to see what action Congress will take on taxes and budget cuts for 2013. And small businesses in the Northeast are contending with billions of dollars in damage from Hurricane Sandy, which may make them uneasy about expanding in the next few months.

Several reports this week will show whether businesses stepped up their hiring during November. Among them: the Labor Department's monthly employment report on Friday.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs