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NFIB survey shows a net 9% of firms said loans harder to get
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Larger share sees tighter credit conditions in coming months
More US small businesses reported having greater difficulty getting a loan in March after multiple bank failures led to a further tightening of credit conditions.
A net 9% of owners who borrow frequently said financing was harder to get compared to three months earlier, the most since December 2012, according to a survey from the National Federation of Independent Business out Tuesday. The same share expects tougher credit conditions in the next three months, matching the highest level in a decade.
“Small-business owners are cynical about future economic conditions,” Bill Dunkelberg, NFIB chief economist, said in a statement. “There are major uncertainties ahead, most immediate is concern that a banking crisis could develop.”
The collapse of four banks in March, mos