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Small Businesses: Difference between revisions
→More than three-quarters (76%) say that rising interest rates are limiting their ability to raise capital, up from 66% who said the same last quarter. Of the 26% that had used a variable rate loan, 53% have converted it into a fixed rate loan.
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* A record-high share also anticipates hiring more staff in the next year (47% up from 37% last quarter). | * A record-high share also anticipates hiring more staff in the next year (47% up from 37% last quarter). | ||
* More than three-quarters '''(76%) say that rising interest rates are limiting their ability to raise capital''', up from 66% who said the same last quarter. Of the 26% that had used a variable rate loan, 53% have converted it into a fixed rate loan. | |||
*'''73% of small businesses say it’s harder to borrow money for their business from banks because they are tightening lines of credit.''' Likewise, 74% express concern about rising interest rates making it harder to pay back current business loans. | *'''73% of small businesses say it’s harder to borrow money for their business from banks because they are tightening lines of credit.''' Likewise, 74% express concern about rising interest rates making it harder to pay back current business loans. | ||
*'''A majority (54%) of small businesses rate inflation as their largest challenge.''' This matches past highs from the Index and has remained consistent since Q3 2022. Consistent with last quarter, supply chain issues (23%), rising interest rates (23%), and revenue (20%) remain second-tier concerns behind inflation. | *'''A majority (54%) of small businesses rate inflation as their largest challenge.''' This matches past highs from the Index and has remained consistent since Q3 2022. Consistent with last quarter, supply chain issues (23%), rising interest rates (23%), and revenue (20%) remain second-tier concerns behind inflation. | ||