Gallup Poll Shows Gains in Small Biz SpendingFebruary 29, 2012
Last week, a new poll was released from Gallup indicating an increase to 28 percent in the number of small-business owners who say they plan to increase spending in the coming 12 months, the highest it’s been since January 2008. Unfortunately, the number of small-business owners who anticipate difficulty obtaining credit in the coming 12 months remains stubbornly high at 38 percent.
The poll, the Wells Fargo/Gallup Small Business Index, asks several questions including: plans for allocating capital spending in the coming year; capital spending over the last 12 months; predictions on ease of accessing credit in the coming year; and the ease of accessing credit in the last 12 months.
Those small-business owners predicting an increase in capital spending (computers, machinery, facilities, etc…) in the coming year (28 percent) outpaced those predicting a decrease in capital spending (23 percent) resulting in net gains for the first time in four years.
According to the Gallup poll, and underscoring NSBA’s 2011 Year-End Economic Report, obtaining credit also has appeared to ease somewhat, with those saying credit was somewhat or very easy to get increasing to 25 percent, up from 22 percent two years ago. This modest movement is certainly an improvement, however one-third, according to the poll, still say that credit was somewhat or very difficult to get over the last 12 months, and 38 percent predict it will continue to be difficult in the coming year.
Despite some positive indicators of late, the ongoing credit crunch prompted the recent launch of NSBA’s partnership with On Deck Capital (On Deck). Designed to provide small-business owners with a one-stop destination where they can both apply for credit and gain detailed insights into how lenders view their business, this partnership can offer NSBA members exclusive pricing on working capital loans.
Whether financing is an immediate need or required for future growth plans, all NSBA members can now receive detailed information on their lending profile and tips for increasing creditworthiness. In just a few minutes, NSBA members can have a comprehensive view of what a lender sees when they view their business—all at no charge.
To learn more about On Deck’s small business loans, please click here.