New data from the Federal Reserve Bank of Cleveland shows some promising improvements for lenders in a multistate area. This district, which includes sections of other states like Kentucky and West Virginia in addition to Ohio, featured an increase in approved loans for small businesses during 2015, a sign of the generally better state of local business as well as a greater amount of small business financing. No matter which lenders they turned to, half of last year’s applying small businesses were approved for loans, according to a Crain’s Cleveland Business article on the report.
This survey sprang from 3,459 employer firm responses. Out of a group of five states, alongside New York, North Carolina, Pennsylvania and Tennessee, Ohio had the highest rate of respondents who submitted a single application. In addition, 43 percent of respondents applied for a business loan in this state, while 56 percent attempted to establish a line of credit.
In a statement on the Federal Reserve Bank of Cleveland’s website, SBA Director of the Cleveland District Gil Goldberg described some of the favorable economic conditions he’s seen.
Last year saw notable increases for small business loans, according to one survey.“In roundtables with lenders across northern Ohio, lenders are telling me the customers they’re seeing now have stronger balance sheets, stronger equity positions, and stronger cash flows than they had 2, 3, 4 years ago,” Goldberg said. He also mentioned the competitive atmosphere that sometimes draws borrowers to loans that aren’t supported by the Small Business Administration.
For both traditional loan packages and creative financing, businesses in Ohio can turn to Growth Capital Corp. for new resources based on the best SBA loan programs out there. Contact us today to start researching a program that will set your business up for better success in the future.