Small Business Finance News
Equifax Study Shows Decline In Small Business Bankruptcies
Written by Jenna Weiner
Published: 10/27/2010
30,392 small businesses filed for bankruptcy in the third quarter of 2010
Fewer entrepreneurs filed for bankruptcy last year, according to the findings of a recent study.
The statistics showed that small business bankruptcy filings had fallen more than 11 percent in the third quarter of the year and have fallen almost 19 percent since their highest levels in the second quarter of 2009. In the third quarter of 2010, there were a total of 30,392 bankruptcies filed, down from 37,299 during the same time period last year.
"For more than a year, we have seen a decline in the number of small business bankruptcies, but this is the biggest percentage decrease during that period," said Dr. Reza Barazesh, senior vice president of Equifax Commercial Information Solutions. "Small businesses are still having a tough time. But the numbers are beginning to indicate that some of the stresses may be abating."
Equifax made other news for small business recently when it announced a brand-new Equifax Enhanced DTI. The new program will provide "a more precise measure" of entrepreneur's borrowing capacity for borrowing funds.
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