In the aftermath of the financial crisis, many small businesses were forced to close their doors for good, as they simply couldn’t survive the impact of the economic downturn.
However, head of small business banking at Bank of American Robb Hilson, recently told the Miami Herald that companies of this size are on the mend.
As growth begins to pick up, small business insurance portfolios should be re-visited to ensure that all assets are adequately protected.
“I feel really good about the momentum,” Hilson said. “There’s obviously more work to do, but we’ve made a lot of progress.”
Part of the reason Hilson believes small business is on the rise is the fact that Bank of American made $8.7 billion in new loans to smaller companies in 2012, which is up 28 percent from 2011.
Another indicator that small businesses could be picking up steam is the National Federation of Independent Business Index of Small Business Optimism, which increased by 2.3 points in June to a final reading of 94.4. The only index component that declined in June was “plans to increase employment.”
