NEW YORK (AP) — Business is looking a little brighter at smaller companies. A survey shows that they borrowed more money during August — a sign that business owners are becoming more confident about the economy.
The survey released Monday by PayNet, a research firm that tracks loans to small business, shows that lending rose 3 percent, the second straight monthly increase.
The Thomson Reuters PayNet Small Business index rose to 109.9 from 106 in July.
PayNet bases its index on new commercial loans and leases granted to small businesses by U.S. lenders.
The index was released as there was more good news about small businesses. The Institute for Supply Management reported that manufacturing increased in the U.S. for the first time in four months during September. The majority of manufacturers are small businesses.