Florida small businesses appear to be hopeful in their plans for growth, with 68 percent of businesses surveyed planning to hire in the coming months, compared to 62 percent nationally. According to the most recent Private Capital Access Index from Pepperdine University and Dun & Bradstreet, 62 percent of Florida small businesses surveyed are in need of financing for planned growth. The outlook for getting a loan, though, may be cause for concern. Less than one fifth of the Florida small businesses surveyed that applied for a loan in Q2 2015 received one, compared to 37 percent nationally. Based off those numbers, it’s no surprise that Florida small businesses are feeling more restricted than the rest of the country. Of the businesses surveyed, 62 percent feel their growth opportunities are restricted and 48 percent feel their ability to hire is restricted as well.
A lack of loans could hinder the growth of small business, and could mean that business owners might be forced to use personal assets. In Q1 2015, 38 percent of Florida small businesses surveyed had to rely on their personal assets to accommodate their business needs, and even more may have to if this trend continues. This is more than the national average, and could hinder the growth of Florida small businesses. The ability to find access to working capital may become increasingly important as the number of businesses planning to grow rises. Without access to capital, these business owners may not be able to accomplish their goals.
Is your business struggling with financing? Visit Access to Capital to learn more about funding options and resources for small businesses.
See more statistics on Florida small businesses below: