Compared to the national averages, New York small businesses are much more optimistic, according to the Pepperdine Private Capital Access Index from Pepperdine Graziadio School of Business and Dun & Bradstreet. Of the businesses surveyed, New York small businesses are planning to hire, grow and raise financing more than other states surveyed in Q3 2015.
- 65% of New York small businesses (compared to 63% nationally) are planning to hire in the next six months
- 39% of New York small businesses (compared to 34% nationally) are planning to raise financing in the next six months
- 66% of New York small businesses (compared to 60% nationally) are in need of financing due to planned growth
Despite these businesses’ big plans for the future, getting a bank loan remains difficult for some business owners:
- Of the 47% of New York small businesses that applied for a bank loan in Q3 2015, only 19% were successful, which is down 1% from Q2 2015.
- The national success rate for business loans is 37%, putting New York small businesses far behind others
To learn about what it might take to get a bank loan or about alternative lending sources, visit Access to Capital.
View the full infographic on New York Small Businesses below: