Though most Connecticut businesses don’t have problems accessing loans or financing for daily operations, payroll and equipment, 13 percent feel the lending climate in the state is poor, according to a survey commissioned by Farmington Bank and the Connecticut Business & Industry Association.
That was up from 1 percent a year ago. Half of the 186 respondents rated the lending climate as average (down from 52 percent), 11 percent rated it as fair (down from 22 percent), 23 percent as good (flat), and 4 percent as excellent (up from 2 percent).
Only 12 percent of businesses said they had trouble accessing credit, while 45 percent said they don’t currently need financing, though 57 percent had made capital investments over the past quarter.
Nearly two-thirds expect their workforces to remain stable over the coming three months, while 25 percent expect an expansion and 16 percent foresee a contraction.
The majority of the respondents were manufacturers with 10 to 49 employees. The survey had a margin of error of +/- 7.3 percent.
