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

New York isn’t the only state having problems with attaining bank loans – Florida, Texas and California small businesses surveyed are also struggling.

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: