U.S. small businesses increased their borrowing in November from a year ago, suggesting continued economic growth ahead even as the Federal Reserve begins to reduce its massive monetary stimulus.
The Thomson Reuters/PayNet Small Business Lending Index, which measures the volume of financing to small companies, rose 1 percent in November from a year earlier, to 111.4, PayNet said Thursday.
November, with just 20 working days, had the highest per-day borrowing rate of 2013, the data showed.
"It's another sign of continued expansion," PayNet founder Bill Phelan said. Small businesses "are seeing more demand for goods and services, and that's all good for GDP." MOre INfo
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