Small businesses are growing across the nation, but the state of small business isn’t all positive, according to the results of the Q1 2015 findings from Pepperdine University and Dun & Bradstreet Credibility Corp’s Private Capital Access Index*. Even though 58 percent of small and medium-sized businesses surveyed nationwide are planning to hire in the next six months, 47 percent of small businesses feel like their ability to hire is restricted. Around half of these businesses need financing for experienced or planned growth, but around the same amount feel their growth opportunities are restricted. The state of small businesses is more optimistic than in the recent past, but small businesses are still not getting what they need.
What can these restrictions and obstacles mean for the state of small business? Well, in Q4 2014, more than one-third of small businesses surveyed – 36 percent – had to rely on their personal assets. With expected hiring and growth but a lack of financing, (small businesses are getting loans less than half of the time), more businesses may end up using their personal assets to accommodate their growth, which could be bad in the long run.
Visit Access to Capital to learn more about finding funding options and resources for small businesses.
For more statistics on the state of small business, refer to the infographic below.