Increases in small business lending, new business formations and a leading microcap index suggest that the small business economy is continuing to see modest growth, according to the latest SB Authority Index from Newtek Business Services.
The index of small business indicators for May 2014 reached 127.41 points, an increase of 0.37 percent over April 2014. On a year-over-year comparison, the SB Authority Index is up 7.31 percent.
"Without the impetus from lower interest rates driving increases in the stock market and banks' willingness to lend more money, the small business economy would certainly be in tough shape," said Barry Sloane, Chairman, President and CEO of Newtek's The Small Business Authority. "In the first quarter we observed challenges with retail and consumer spending; trends which were recognized in May by our sub-indices which comprise the SB Authority Index."
Newtek Business Services offers a wide range of business services and financial products for the small- and medium-sized business (SMB) market, and has more than 100,000 business clients across the country.