The franchise loan marketplace is looking increasingly better for entrepreneurs as the economy continues to recover. According to a new report from Thomson Reuters, small business borrowing increased 20 percent in October, marking the 15th consecutive month of double-digit lending improvements.
While the index – observed at 98.1 in October – is still a few points off of the 100 registered in 2005, it has been improving steadily over the past year. Small businesses account for a significant number of new jobs – half or more, according to some reports – and increased lending indicates they may be preparing to expand their operations.
"[The index is] not showing tremendous strength," PayNet founder Bill Phelan said in an interview. "But certainly this shows we are not headed for a double-dip [recession]."
Phelan was also quick to note the economic crises in Europe could also negatively impact lending conditions in the United States if it takes a turn for the worst.
Lending to small businesses was up just 12 percent in September, suggesting entrepreneurs have a need for more for funding.
Regardless of whether you're a small business owner or want to become one, BoeFly.com can help you access the best small business loans. BoeFly.com gives business borrowers secure access to more than 1,500 lenders – without having to go from bank to bank.