The tide's coming in for the New Hampshire economy
This morning, the New Hampshire Bankers Association shared the results of a survey it took in March, after polling over 400 businesses of all sizes in all corners of the state.
In short, while some businesses still have lingering concern, access to credit is the least of their worries.
And this is a good thing, because Granite State banks still see – and believe in – local businesses as the engines that will propel New Hampshire out of the recession.
The findings of the survey are encouraging:
– 82 percent of all businesses surveyed said they had no difficulty accessing the credit they needed in the last 12 months;
– 94 percent said they looked to banks for their credit needs and
– 41 percent of businesses surveyed sought a loan or line of credit in the past year, and the majority of those companies – 62 percent – were approved for the full amount of the request.
Nationally, 20 percent of businesses expect the economy to expand in the next year, but New Hampshire businesses – 30 percent of them – expect it to grow over the next 12 months.
Perhaps the most promising result of the survey is that just over half of the businesses taking part in the poll – 52 percent – are confident they’ll see growth in both gross sales and revenues and 31 percent expect to add more employees as a result.
“It reflects an ongoing commitment by New Hampshire’s banks to partner with local businesses in order to help them grow,” said Christiana Thornton, president of the New Hampshire Bankers Association. “The majority of businesses continue to look to their bank for their financing needs, and receive the credit they are seeking. It is clear New Hampshire banks are playing a central role in supporting local businesses and helping to fuel the local economy.”
Tags: access to credit, Christiana Thornton, New Hampshire Bankers Association, NH Banks, NH Economy, optimism in NH