More California-based small to mid-sized businesses were sold last month than any other month in the year, reflecting what many hope to be an indication of heightened economic activity in the Golden State and nationwide.
According to the report from BizBen.com, 1,384 small business transactions were completed - slightly ahead of data from October 2009, which listed 1,314 transactions, but much higher than September's 888 deals.
Peter Siegel, founder and CEO of BizBen.com, believes the growing number of transactions are a result of "greater certainty on the part of entrepreneurs in California - largely because we’re starting to see lenders making funds available to complete deals."
Recent small business lending initiatives from companies such as Citi and Bank of America, as well as programs from the Small Business Administration, have increased credit availability to small businesses - a trend many believe has contributed to the increased number of business sales and, they hope, will allow new companies to spring up and launch LLCs in California.
"We've suffered a pretty severe credit drought the past couple of years," added Siegel, "but with a more positive reception from business lending institutions these past few weeks, we’re starting to put entrepreneurs together with SBA-backed lenders."
Tags : business licenses & permits, ca, operations, small business management
Posted: Nov 4th, 2010