Direct Capital Index shows demand up 12% over August and 26% YTD over 2012
PORTSMOUTH, N.H. (October 16, 2013) - After a lull in July and August, demand for small business lending roared back in September, according to the monthly Small Business Lending Index released by Direct Capital, a leading national small business lender.
Direct Capital’s Index showed a 12% increase in lending demand in September versus August. In addition, lending demand was up nearly 25% over September 2012 and, overall, is up 26% this year compared to last year, according to the Index.
“We were viewing September as a bellwether month and the numbers are very strong,” said Stephen Lankler, senior vice president at Direct Capital. “This a great sign for the small business economy. Historically, when lending demand grows in September, the fourth quarter is very solid.”
Lankler said he expects October’s Index numbers to be meaningful. “October is a unique month because it’s long in terms of business days and it’s a big set-up month for the close of the year,” said Lankler. “From a capital planning standpoint, small businesses – especially retailers – need to prepare for the holiday season when inventory and staffing needs increase. So, we expect to see heightened demand for loan and working capital products this month.”
Direct Capital was started in Portsmouth 20 years ago this November. Since its inception, the company has lent $2.25 billion to more than 80,000 businesses across over 1,000 different industries. The company was recently named to the Inc. 500/5000 list of the fastest-growing private U.S. businesses.
Direct Capital’s growth has been accelerated by its unique, tech-enabled approach to delivering fast, easy, affordable financing to small businesses. No other online lending platform exists today to instantly deliver 30 day to 7-year financing for every major need of a small business, franchisee or customer of a large equipment vendor.
Direct Capital’s Monthly Small Business Lending Index is based on an algorithm that collects data from more than 200 sources.
About Direct Capital
Established in 1993, Direct Capital (www.directcapital.com) is a financial technology company that delivers financial solutions for small & medium sized businesses, franchisors, and equipment and technology sellers. The company is headquartered in Portsmouth, N.H. and operates offices in New York, California, and Georgia. You can follow Direct Capital on Twitter at http://twitter.com/DirectCapital or subscribe to its PointBlank blog at http://blog.directcapital.com