Small businesses in New York are struggling to keep up, and one of their main obstacles is a lack of access to capital. According to the Q1 2015 findings from the Pepperdine University and Dun & Bradstreet Credibility Corp.’s Private Capital Access Index*, only half of the businesses that applied for a New York small business loan actually received one. While that’s still higher than the 41 percent national success rate for small business loans, it’s not enough. An increase in New York small business loans could help business owners stop relying on their personal assets, which one-third of New York small business owners surveyed did in Q4 2014.
New York small businesses are not only struggling to keep up with loans, they are experiencing and expecting less growth than the national average, and are feeling more restricted. Sixty-three percent of New York businesses surveyed feel their growth opportunities are restricted, compared to 53 percent nationally, and 53 percent feel their ability to hire is restricted, compared to 46 percent nationally. New York businesses also seek outside financing below the national average.
Check out the rest of Access to Capital to learn more about finding funding options and resources for small businesses.
See more New York small business loan statistics below: