It's been a tough couple of years for small business lenders since the housing bubble burst and the recession took hold, but more banking economists and industry leaders are confident that the market is turning around. A recent report from the American Bankers Association (ABA) is showing at least a moderate amount of improvement since this time in 2011 and expects the trend to persist.
The ABA's Economic Advisory Committee said in a recent release that this year's projected industry growth is 2.2 percent, an improvement from previous years' projections and a sign of continued economic repair, according to Money News. This is good news for small business loan seekers and others looking for financing, as an increasingly positive climb in economic outlook means more lenders will be approving higher rates of loan applications.
The Business Journals also reported there's an expected 11.5 percent increase in loan volume for the coming months, so those seeking financing may want to look into it now. If your company is looking for a small business loan, an online marketplace like Boefly can help you meet interested lenders quickly and efficiently with just one application, yielding fast, concise offers and positioning you as a competitive borrower.
Finding room for improvement
Even though the market is already showing signs of improvement, The Wall Street Journal reported that some analysts are looking to Congress to speed up the process.
Sherry Cooper, an economist with BMO Financial, told the news source that removing tax cuts and arbitrary spending ceilings for banks and businesses alike may help with what others are calling a stagnant unemployment rate.