Lending to American small businesses is down, and although May’s borrowing numbers showed some improvement, June’s were more typical of the general trend.
Here’s a quote from Time Magazine:
According to the recent annual report from U.S. Small Business Administration Office of Advocacy, a year-0ver-year comparison of outstanding loans to the nation’s small business revealed a decrease of almost 7%, for the 12 months that ended in June 2011. At that point, banks had $606.9 billion in outstanding loans to the U.S. small businesses, compared with $652.2 billion for the same 12-month period ending in June 2010.
Read more: Time Magazine