Fed “Beige Book” shows steady climb for biz

Jessica SarterSmall Business Lending

A federal report is finding businesses are slowly coming back from the recession. Retail, manufacturing, automotive and general services all reported at least a minimal upturn in economic prospects. There were no major pitfalls in industry landmarks, and the general consensus is that of modest improvement nation-wide.

The Beige Book is an annual report on regional U.S. markets showing which industries are faring the best in different places. The report breaks down into 12 districts, each highlighting a major city.

In Dallas, a moderate amount of retail growth coupled with surprising demand for commercial loans has made them one of the stand-out districts. Banks like Comerica, headquartered in Texas, have reported a 25 percent gain in the first quarter. Bancorp out of Minneapolis showed similar profit thanks to business lending, as their district enjoyed a financial climate like that of Dallas. Kansas City got the best rating, noting steady demand and better quality of business loans. It seemed the only constant concern across all sectors was rising gas prices.

There were no dark spots in the federal report, with all districts reporting at least marginal improvements. Localized reports like those out of Rhode Island and Kentucky have reported positive trends in commercial real estate lending, and if you're living in other parts of the country and looking to get a business loan yourself, try an online marketplace like Boefly, which can get you offers from multiple lenders. With banks nationwide feeling more positive about the market, now is an appropriate time to get locked in for a good term at the right rate.