While some may be wary about the business policies of a new presidential administration, recent data showed high hopes dominated the past few months.
The National Federation of Independent Business revealed promising growth statistics as part of its January 2017 Small Business Economic Trends report. This included reports of the latest changes to the Small Business Optimism Index. While this measurement only grew by .1 points, it put the overall ranking at 105.9, continuing an unbroken trend of recent growth and reaching a level of optimism not seen since Dec. 2004.
To calculate this index, the NFIB factors ten different components into the equation, based on business responses. In this latest report, half of these saw increases, including "plans to increase employment," "current job openings" and "earnings trends.
The index component with the highest change from last month belonged to "expected credit conditions." The report also predicted that this year will see better economic growth than last year, in a near-parallel of a rush seen in 1983.
"The SBA 504 loan program can apply to several different purposes."
Juanita Duggan, the president and CEO of the NFIB, put the new figures in perspective in an accompanying press statement.
"The stunning climb in optimism after the election was significantly improved in December and confirmed in January," Duggan said. "Small business owners like what they see so far from Washington."
With this potential growth on the horizon, it may be time for business owners to start researching good capital finance options for them. The SBA 504 loan program can apply to several different purposes, including refinancing loans for better financial management.
Growth Capital works to support local Ohio small businesses as they develop. You can read more about the 504 refinance option here, or sign up for our mailing list here.
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