Discover: Small Business Confidence Plummets in August

Small business confidence dropped sharply on Discover’s national index in August, with 62 percent of owners seeing the economy as worsening and 55 expecting unfavorable conditions for their own business.

Banks Finally Start to Ease Lending Standards, Fed Reports

Although modestly, big banks are starting to ease lending standards, particularly vital commercial and industrial loans to small businesses, according to a new report by the Federal Reserve. The Fed’s July survey of senior loan officers that examines lending practices for the previous three months found the first “easing of standards on commercial and industrial loans to small firms since late 2006.”

Obama Rips GOP for Blocking $30B Small Business Aid Plan

President Obama once again took the gloves off and blasted Republican leaders – this time for blocking a vote in the Senate on a $30 billion incentives package for small and mid-sized banks that Democrats hope would spur lending to small businesses. Democrats failed to muster 60 votes on Thursday that were needed to advance the measure. Republicans are angry that Democrats refused to discuss further amendments to the package, claiming it is yet another costly government program without strong assurances of success.

Small Business Optimism Drops; Sales Sluggish: Survey

A national index measuring small business optimism took a 3.2 point drop in June after making modest gains for several months, raising concerns of a pullback in an already sluggish economic recovery. The index by the National Federal of Independent Businesses – based on 805 responses to a random survey of members – fell to 89 in June.

Bernanke: Boost Lending for Credit-Worthy Small Businesses

Despite some lenders claiming to be focusing on a small business’s cash flow and relying less on collateral values, credit-worthy business owners continue to have difficulties obtaining funds to stay afloat, Federal Reserve Chairman Ben Bernanke said today.

Sam’s Club, SBA Team Up in Small Business Loans of $25K

Sam’s Club said today it is testing a program that would make $5,000 to $25,000 small business loans available to its members who qualify. Calling it a first-of-its-kind program, the division of retail giant Wal-Mart Inc. is partnering with Superior Financial Group, one of a group of federally-licensed nonbank lenders and a leading Small Business Administration facilitator.

Fed’s Duke to Banks: Are We Impeding Your Flow of Credit?

Not only is the flow of credit still declining from the current economic downturn, it could take several years for a full lending sector recover, according to Federal Reserve Gov. Elizabeth Duke. The resumption of credit growth “has lagged that of all other cycles of the past 40 years with the exception of the 1990–91 recession,” Duke said.

Small Businesses Not Hiring, But Optimism Climbs, NFIB Says

Small businesses are still not ramping up hiring, but overall optimism over the economy is gaining some ground, according to an index from the National Federation of Independent Business. The NFIB’s Index of Small Business Optimism gained 1.6 points in May with a reading of 92.2.

Outlook Steady for Low Rates as Jobs Report Disappoints

The Federal Reserve’s next monetary policy meeting looms June 22-23 and it is virtually certain that the outlook on keeping interest rates at their historic low will hold given the disappointing labor report today. The labor update showed that private employers are hiring less than expected.

Wells Fargo: Biz Owners Wary of Hiring Despite New Tax Credits

The majority of small business owners say they are not planning to add employees despite tax credits recently enacted for those hiring unemployed workers, according to the latest Wells Fargo/Gallup Small Business Index. Wary of the moderately-paced economic recovery, the business owners seem to be holding the line at their current staffing levels.

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