Small business borrowing rises in October

The recently-released Thomson Reuters/PayNet Small Business Lending Index revealed that small businesses in the U.S. received more financing in October. The scale rose to 107.5 from September's number of 96.4. According to Reuters, business financing in October was up 11 percent from the last year.

Aside from being approved for loans, businesses were also paying off expenses in a timely fashion in October. Long-term delinquent accounts behind 180 days or more dropped to 0.29 percent from the 0.32 percent seen in September. Accounts overdue by 30 days slid to 1.2 percent, from the 1.21 calculated the previous month.

Once approved for financing, businesses can further develop new technology, invest in sustainable energy and increase their presence in the local community with more employees. Payroll services provider ADP revealed that small business payrolls increased by 50,000 in October, the biggest gain since July, signaling that a small business revival may be on the horizon. As more companies continue to slowly expand and add new employees, the rate of financing may further increase and lead to an even greater need for small business loans.

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