Small Business is the Lifeblood of New Jobs, TD Bank Executive Says
Joining me on PowerTalk this week to talk about the economy, the outlook for small business and job creation prospects, as well as the availability of credit, is Jay DesMarteau, head of Small Business, SBA, Restaurant, & Government Banking at TD Bank.
Each week on PowerTalk, we go behind the scenes to put you in the know — this time we’re talking about the lifeblood of job creation here in the United States — small business. Based on the recent July employment report, which disappointed on several levels, it seems that small business is only moving at half speed. The weakness in hiring is not all that surprising, given some of the data that Jay shared with me — only 17% of small businesses planned to hire at least one new employee, down from 32% six months ago. However, more than three-quarters of small business owners intend to keep staffing levels the same, up from 59% in December.
If you or someone you know owns a small business or is looking to start one, then you know that access to credit or business loans is important. The need for credit holds true whether you’re working on a new business or one that is trying to reach the next level. Access to capital is needed to grow that business and put more people to work, whether you are an entrepreneur or running an existing business that is looking to expand to another location, add another product line, bid on another project or maybe even expand its hours of operation.
To listen to this week’s PowerTalk, click here.