Florida small business loans were awarded at a rate far below the national average in Q3, despite the state beating the national average for planned growth, according to the most recent Private Capital Access Index from Pepperdine Graziadio School of Business and Dun & Bradstreet. Check out other highlights from the study below and look over the infographic for more information.
- Florida’s need for financing seems to be about on par with the national averages, according to the survey results. 36% of small and medium businesses in Florida surveyed reported that they planned to raise financing in the next 6 months, and 62% reported needing that financing due to planned growth. Both these numbers are within 2 points of the national average.
- Though need is similar to the national average, access to capital is lagging far behind. Though 45% of small and medium businesses surveyed attempted to get a bank loan in Q3, only a dismal 24% were successful. While this is up from Q2, it’s still 13% below the national average.
- Likely due in part to the challenges faced accessing capital, 63% of Florida small and medium businesses surveyed reported feeling that their growth opportunities are restricted. This is 6% above the national average for Q3. And while the national average dropped compared to Q2, Florida’s percentage actually increased.
- One bright spot in the survey findings is that the percentage of Florida businesses which had to resort to using personal assets is down 2% from Q3 of 2014. This is significant as the national percentage is up 6% year over year. This means that despite the challenges that seem to face Florida businesses looking for capital, they are not resorting to personal assets at an abnormally high rate.
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