Small-business lending up

The Associated Press /

Published Oct 2, 2012 at 05:00AM

NEW YORK — Business is looking a little brighter at smaller companies. A survey released Monday shows that they borrowed more money during August — a sign that business owners are becoming more confident about the economy.

The survey by PayNet, a research firm that tracks loans to small businesses, shows that lending rose 3 percent, the second straight monthly increase. Prior to July, lending had fallen in five out of six months.

The Thomson Reuters PayNet Small Business index rose to 109.9 in August from 106 in July.

The index was just shy of its high point following the recession, 110, reached last December.

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