JULY 2023 INDUSTRY NEWS AND TRENDS
U.S. banks are tightening lending criteria for businesses of all sizes
A survey of senior loan officers shows that U.S. banks have tightened their credit standards and are likely to continue doing so for the foreseeable future. According to the survey, more than half of banks (50.8%) tightened their credit terms for commercial and industrial loans to medium and large businesses, and a similar percentage (49.2%) had tightened terms for small firms.
Business bankruptcies are on the rise
With the stabilizing effect of pandemic assistance programs and lender forbearance now firmly in the past, U.S. commercial bankruptcies are rising quickly.
According to data from Epiq Bankruptcy, the largest provider of U.S. bankruptcy court data, commercial bankruptcy filings rose 18% in the first half of 2023, and small business bankruptcies jumped by 55% in the same period.
Find out what’s behind the rapid rise in bankruptcies for U.S. businesses of all sizes.
These expert tips can help you scale your business
Starting a business is the first big challenge for every business owner. But once you’ve refined your product and service offerings and established an appreciative customer base, a second challenge can often appear on the horizon all too quickly—taking the business to the next level by scaling it.
This AllBusiness article features an interview with ADP’s small business expert, who shares insights about choosing the right time to scale, identifying the barriers to growth, and putting new strategies in place to manage growth and expansion.
Are you one of America’s top small businesses?
The U.S. Chamber has just announced America’s Top Small Business awards, a program to honor the achievements of small businesses and highlight their contributions to America’s economic growth. To qualify, applicants must have had fewer than 250 employees or gross revenues of less than $20 million in 2021 and 2022.
Ten small businesses will be selected as regional semi-finalists and celebrated during a ceremony in Washington, D.C., where America’s Top Small Business will be named and awarded a $25,000 cash prize.
