Inc.com’s daily news from last week cited a Wall Street Journal article regarding small business debt. According to the WSJ, small business debt continues to grow, topping over $600 billion at the end of the first quarter. This was down just under 9 percent from last year.
Meanwhile, the vast majority of small businesses needing cash – 83 percent, according to one study – were unable to get the financing they needed over the past six months. Small business owners polled on the most important issues they face overwhelmingly ranked access to capital as number one.
It’s expected that the long-term credit freeze will begin to thaw soon, but how soon remains to be seen.