UPDATE: Politics rears its head, small business loses.
The National Small Business Association’s mid-year economic report doesn’t offer much encouragement to those looking for reasons to be optimistic about the economy.
But the report offers the best argument yet for passage of the $30 billion small business lending program being considered by the Senate.
Forty-one percent of the business owners surveyed by NSBA said they are concerned about the viability of their businesses and nearly half don’t expect to see any growth opportunities this year.
The biggest reason for this depressing outlook is the inability to get credit.
“Given the direct correlation between access to capital and job growth, unless small-business owners are able to secure financing, we will continue to see high unemployment,” said Todd McCracken, president of the Washington-based organization.
Most Republicans, including Tennessee Senators Bob Corker and Lamar Alexander, have opposed the small biz lending program.
Most Democrats support the plan and last week the lending program survived a filibuster vote. A final vote could come soon.
Passage won’t come soon enough. It’s a matter of survival for many small businesses in Tennessee and across the country.