Advocacy economist Victoria Williams recently reported on the financial data for fourth quarter 2011 that was released this month. The new data shows that borrowing remained challenging for small businesses through fourth quarter 2011, even as the pace of economic activity increased and financial conditions overall were supportive of growth. Principal economic indicators such as gross domestic product and total business lending continued a steady upward trend. But the recovery of small firms has been slow because of their inability to access credit markets.
While the recent data serve as a reality check, signs of small business resilience are also in evidence.