Small US Firms Remain Optimistic Even With High Debt Burdens
- Fed survey shows many still plan to up head count in 2024
- More small firms seeing partial denial of funding requests
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Small businesses in the US remained upbeat in their outlook for 2024 despite elevated debt burdens and high borrowing rates that limited their access to new credit, a new Federal Reserve survey showed.
The Fed’s 12 regional banks on Thursday released their credit conditions survey of more than 6,000 firms with fewer than 500 employees. Overall, expectations were fairly positive for the remainder of the year, with 57% foreseeing a bump up in revenue and only 19% expecting a drop, according to the annual Small Business Credit Survey conducted last fall.