Florida small businesses are taking 2015 by storm, or at least they’re trying to. Over 60 percent of Florida small businesses are planning to hire in the upcoming months, and just over half are in need of financing due to experienced growth, according to the Private Capital Access Index* by Pepperdine University and Dun & Bradstreet Credibility Corp. This would be cause for celebration, except the rate at which Florida small businesses are awarded loans is significantly lower than the national rate: 33 percent compared to 41 percent. The lack of loans definitely isn’t going unnoticed, either; 54 percent of Florida small businesses surveyed feel their growth opportunities are restricted, and 46 percent feel their ability to hire is restricted, too.
When loans are in high demand, but businesses can’t acquire them, not only can growth be hindered, but business owners may begin to dip into other finances to fund their businesses needs. In Q4 2014, 40 percent of Florida small businesses surveyed used their personal assets to accommodate their business. With high rates of planned growth and a low percentage of successful loan applications, more businesses owners may unfortunately find themselves using their personal assets to support their business in the coming year.
Struggling to get a small business loan? Visit accesstocapital.com for funding options and resources.
Learn more statistics on Florida small businesses in the graphic below: