Photo Credit: Trey Ratcliff/Flickr

Photo Credit: Trey Ratcliff/Flickr

The Small Business Administration and the Bureau of Labor Statistics have both concluded that the economy is continuing its rebound from the great economic recession faced in 2008-2009. In spite of the signs of positive growth however, there are still challenges regarding unemployment.

One of the primary issues lie with small businesses. Businesses are not hiring enough employees for a strong economic recovery, according to a recent series of polls. The Washington Post reports that, “the most optimistic reading came from Bank of America Corp., which found that 52 percent of owners plan to hire over the next 12 months. But Wells Fargo & Co. found only 21 percent planned to hire, and in a Citibank survey, 25 percent had plans — numbers consistent with other surveys in the past year.”

The reasons for the lack of enthusiasm for hiring among small businesses stems from a variety of factors. Most prominent of these factors however, is the lack of money needed to expand the business.

The Washington Post refers to Joe Carter of Snyder Environmental and his problems receiving funding to expand his business. “Investors who prefer Silicon Valley startups are not interested in an unglamorous Little Rock, Arkansas, company, Carter says. And bankers are slow or unwilling to lend to Snyder Environmental or its client,” the Post notes.

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