With the U.S. economy slowly climbing up from the recent recessional pit, small business owners’ credit profiles appear to be leading the way. Studies by industry analysts show the average credit profile from small business owners improved in 45 of 50 states when comparing 2012 to 2008.
Small businesses are among the first affected by an economic downturn because they usually lack the financial insulation enjoyed by large corporations or the relative immunity enjoyed by government agencies. That tendency also means small businesses are among the first to take corrective action in a recession by cutting expenses and lowering debt servicing needs as much as possible. As a result, many small business owners are in a better credit position today than they were four or five years ago.
Small businesses are nothing if not resilient. The ones who made it through the recession have weathered a storm they won’t likely forget any time soon. As small businesses gain stability, we can look forward to continued improvements in the unemployment rate and the economy as a whole.
If you are small business owner who’s beginning to see the light at the end of the recession and you are ready to take the next step in growing your business, we are here to help. Our attorneys have the experience and the tools needed to explain your options and help you reach your goals.
For more information about growing your business, developing contracts or leases, or other matters related to managing your business, contact the attorneys at the Scolieri-Beam Law Group, P.C. Located in western Pennsylvania, our attorneys are experienced in Pennsylvania business law and can take care of the details for you every step of the way. Contact us today at (412) 765-0546 or via email at info@scolierilaw.com.