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News Summary: Small biz lending slows in September

The Associated Press

CUTTING BACK: A survey by the research firm PayNet shows that small businesses borrowed less in September, another sign that owners are uneasy about taking on more debt to hire or expand.

DEBT DOWN: Loans to small businesses fell 14 percent after rising in July and August. The Thomson Reuters/PayNet Small Business Lending index fell to 94.1 in September from a revised 108.9 in August.

UPS AND DOWNS: PayNet's report came the same day as surveys that showed hiring at small businesses remains slow. But the Institute for Supply Management said manufacturing grew for the second-straight month in October.