According to a study released Wednesday by PayNet, a Skokie, Ill.-based research firm that tracks loans to small business, lending to small businesses fell 5% in June from May's levels. Loan activity had increased in May after falling the four previous months.
The Thomson Reuters/PayNet Small Business Lending Index fell to 98.5 in June from a revised 103.8 in May.
The drop in lending suggests that small companies are unwilling to invest or expand while the economy looks so uncertain, PayNet said. PayNet bases its index on new commercial loans and leases granted to small businesses by U.S. lenders.
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