Despite the US Government shutdown in October, demand for small business loans grew. In fact, year-over-year demand for September and October together is up 25% over last year.
According to the Fox Small Business Center, “Demand for small-business financing increased 13% in October over the 2013 monthly average, according to Direct Capital’s October Small Business Lending Demand Index. This comes on the heels of a 12% climb in September. Year over year, demand is up nearly 25%, according to the index.”
Stephen Lankler, Direct Capital’s senior vice president, concurs: “The October reading is a good indicator for the economy at-large.”