While Connecticut business owners have a dour view of current credit conditions, a larger percentage predict their ability to secure loans will not worsen this spring and could finally improve.
In a quarterly survey by the Connecticut Business & Industry Association and TD Banknorth, 47 percent of respondents rated as fair or poor the current lending environment in Connecticut, compared with 38 percent three months previous.
Some 63 percent of respondents said they expect Connecticut”™s loan climate to stay the same or improve over the next three months, however, up from 53 percent three months ago.
The survey showed increased use of vendor credit and private loans by businesses, and drops in credit card use.
“The recent efforts by the Federal Reserve, Congress and the U.S. Treasury to provide monetary and fiscal stimulus and promote consumer and business borrowing and spending are unprecedented,” said Peter Gioia, CBIA vice president and economist, in a written statement. “As a result, we”™re seeing a sense of optimism not seen in recent quarters.”
