There’s a clear correlation between a small business owner’s ability to hire and his or her ability to get financing. Today, two-thirds of small firms queried by the National Small Business Association in its mid-year survey report being affected by the credit crunch. When asked about their ability to secure financing, 31% say they cannot. Small businesses are also reporting increased debt, with 82% say they are carrying some form of it, with the average size of debt increasing as well. Here’s a look at the stats.
ICONS: iSTOCK 39930114
ILLUSTRATION: Hand with credit card
Has your business been impacted by the credit crunch?
Significantly 17%
Moderately 21%
Slightly 28%
Not at all 34%
ILLUSTRATION: Hand with cash
Is your business able to obtain adequate financing?
July 2015
Yes 69%
No 31%
December 2014
Yes 69%
No 31%
July 2014
Yes 72%
No 28%
December 2014
Yes 70%
No 30%
ILLUSTRATION: Hand on bar graph
Have you experienced any of the following changes on any of your lines of credit or on your credit cards in the last six months?
Increase 16%
Decrease 11%
No change: 71%
ILLUSTRATION: Hand with brief case
Percentage of small businesses carrying any debt
July 2015 82%
December 2014 76%
July 2014 83%
December 2013 80%
ILLUSTRATION: Piggy bank
Average debt among companies with debt
July 2015 $1,054,677
December 2014 $933,985
July 2014 $1,201,549
December 2013 $815,883
ILLUSTRATION: Hand with letter. Is it possible to add a 13% to it to make it appear to be a credit card rate agreement?
13%
Approximate interest rate companies surveyed are charged on their primary business-related credit card.
ILLUSTRATION: Hands with globe. If multiple icons needed, also one with gears and one with finger on the buy button.
If capital availability is a problem for your business, what is the effect on your operations?
Not a problem/no effects 57%
Unable to grow business or expand operations 33%
Reduced the number of employees 18%
Unable to finance increased sales 17%
Unable to increase inventory to meet demand 12%
Reduced benefits to employees 12%
Other 3%
Closed stores or branches 2%
ILLUSTRATION: iSTOCK 39793262, the green one with the thumbprint and the dollar sign. Can we match the background color to those on the set we’re using with the others?
How has credit card fraud impacted your business? (Multiple answers possible)
No impact 74%
My credit card has been used fraudulently
Fraudulent credit cards have been used to purchase goods/services from my business 6%
Other 2%
