Fewer fast-growing small businesses borrowed from banks in the second quarter this year compared to last year, than did a year ago, according to the Big Six accounting firm Coopers & Lybrand.
A survey of 434 fast-track companies with annual revenues of $1 million to $50 million showed that 31% of those firms obtained bank loans in the second quarter.
That's down from 35% in the first quarter and down from 36% in the second quarter of 1995.
Coopers attributed the decline to increased inventories and more moderate growth expectations for the next 12 months.
Despite the dip, loan rates were lower in the second quarter of 1996 than in earlier periods, according to Coopers. Rates on loans in the second quarter average 9.22% for these companies, down six basis points from the first quarter and down 87 basis points from the second quarter of 1996.