NEW YORK (AP) — Lending to small businesses is recovering after a four-month decline.
A study released Monday by PayNet, a research firm that tracks loans to small businesses, shows that lending rose 12 percent in May from April's levels. That's the largest increase since June 2009, when the economy was pulling out of the recession.
William Phelan, president of PayNet, said the increase shows that small business owners are feeling more confident about borrowing for expansion. But he said the higher reading also could be a blip rather than the start of a trend. Many business owners are still uneasy about the economy and remain reserved with their spending on new equipment and hiring, he said.
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