When looking at the national economy, it is difficult to accurately determine the overall health of the nation’s businesses. Often, reports will fluctuate on a monthly, or sometimes weekly, basis and indicate a wide range of trends, especially when it comes to small business lending and other large, unwieldy facets of economic wellness.
This is why it is often easier to analyze and forecast on a more microcosmic level – either state by state or regionally. Then, when enough information is collected and the business ties between each of the regions are assessed, trends can be seen in a clearer light.
Several new reports indicate that small businesses in many regions and especially city-centers across the country have taken a turn for the better. This includes commercial real estate bouncing back in cities such as Austin, Texas; New York, New York; Portland, Oregon and Providence, Rhode Island.
To begin, increases in commercial real estate lending and occupancy rates regarding small businesses are good indicators that the local economy is on the mend, as the businesses have forecast enough revenue to either expand operations or begin new start-ups.
The HeraldNet recently reported that Snohomish County in Washington state, has seen an improvement in the availability of small business credit. According to the source, the county saw a drop of 53 percent in U.S. Small Business Administration loans between 2006 and 2010.
This was followed by a much better showing in 2011, as the SBA disbursed more than $80 million in loans to small businesses in the county, which the news provider explains is close to $20 million higher than pre-recession numbers.
On the other side of the county, The Inquirer reports that small businesses in Philadelphia, Pennsylvania, have seen a recent resurgence in small business lending. After a large meeting with several of the largest banks in the state – and nation – the lenders, along with advocacy groups, upped the amount of lending they will provide to small businesses in the city.
Further, when coupled with the rise in start-up business launching volumes and small business expansion, it is clear that entrepreneurial activity has been strong in the last six months despite the tightened availability of credit.
The Hickory Daily Reports that locales in North Carolina have seen a large amount of new business ventures started in the last year. Many have proved successful, fighting through the economic hardship that hit the City of Hickory, along with many areas in North Carolina, in the last three years.
No matter how good the business idea, though, entrepreneurs need money to get their business started. Many have turned to supportive options, like a firm such as BoeFly, to help in the loan application process. BoeFly requires just one loan application, and has thousands of participating lenders, while it uses complex algorithms to match borrowers with the best-suited lender.