New York small business loans were disappointing in Q3 2015, according to the Pepperdine Private Capital Access Index from Pepperdine Graziadio School of Business and Dun & Bradstreet. Of the 46% of New York small businesses surveyed who applied for a loan, only 19% were successful, compared to the 37% national success rate.
As if the lack of bank loans wasn’t enough, New York small businesses surveyed are also feeling very restricted:
- 61% feel their growth opportunities are restricted, which is 4% more than last quarter and than the national average
- 47% feel their ability to hire is restricted
- 39% had to rely on personal assets to fund their business
Despite all the hardships, New York small businesses are still feeling optimistic and are planning on hiring, raising financing and expanding above the national average.
For the full Q3 2015 findings on New York, view the infographic below.
See more PCA Index findings in these infographics: