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Small business owners finding it slightly easier to obtain credit

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Obtaining the necessary lines of credit is slowly becoming easier for small business owners, according to the most recent Wells Fargo/Gallup Small Business Index survey.

Over the past year, the number of small business owners who found it difficult to receive credit from lenders fell 3 percentage points, while the number of business owners who are expecting to find it difficult to secure credit fell from 38 percent to 32 percent. 

"Many business owners who took on a significant amount of debt before or during the Great Recession have been focused on paying down existing debt and putting their business in a better position as the economy recovers," said Marc Bernstein, head of small business for Wells Fargo.

Small business owners are also carrying less debt compared with the previous year. Thirty-two percent of small business owners said they are not carrying as much debt as they have in previous years, while 62 percent are comfortable with the amount of debt they have accumulated.

While small business optimism is slowly growing, business owners should still look to protect themselves through the necessary small business insurance policies in case they face unexpected costs due to unforeseen incidents.

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