Credit availability in Connecticut hit a five-year high through the first half of 2013, according to a survey conducted by the Connecticut Business & Industry Association and Farmington Bank.
Despite the availability of credit, demand for credit fell 3 percent from the first quarter to the second quarter of the year, the survey said. Of 171 respondents, 26 percent said they sought financing between April and June.
Peter Gioia, a CBIA economist, said in a statement that the lower demand for credit reflects uncertainty surrounding Connecticut’s economic recovery.
Of those who sought financing, 46 percent were seeking less than $100,000. Meanwhile, 38 percent sought between $100,000 and $500,000 and 8 percent sought $1 million or more.
About a quarter said they needed financing for working capital, 15 percent needed it for machinery or equipment purchases and 9 percent wanted to expand plant or office space.
The survey has a margin of error of +/- 7.6 percent.
