Small businesses with less than $10 million in annual sales are using loans more than any other size firms, according to Raddon Financial Group.
The research firm's August Small Business National Consumer Research found that 49% of small businesses are using small business loans, down from 53% since Raddon's spring survey. Loan usage is even more prevalent among those businesses with $2 million or more in annual sales.
With respect to loan demand, the research also revealed that just 29% of all businesses anticipate applying for a business loan of any type in the next 12 months. Demand also is strongest among those firms with $2 million or more in annual sales, according to Raddon.