Atlanta Small Business Bankruptcies Down
Small business bankruptcies fell 15.3 percent nationally, from Q1 2010 to Q1 2011, according to Atlanta-based Equifax, Inc. While an improvement, this is 30.03 percent higher than the small business bankruptices during the pre-recession period of Q1 2008. How did Atlanta small business fare?
Locally, 228 small businesses in the Atlanta-Marietta-Sandy Spring area filed for bankruptcy in the first quarter of 2011. This is a decrease of 21.6% from Q1 2010. However, compared to Q1 2010, Atlanta small business bankruptcy filings only fell 3.4 percent.
Overall, Atlanta ranked 17th in Equifax's national study of small business bankruptcies in the first quarter of 2011.
Georgia Small Business Bankruptcies
Statewide, 488 small businesses in Georgia filed for bankruptcy in Q1 2011. This represents a 18.1 percent decrease as compared to Q1 2010; and a 4.7 percent decrease from Q4 2010.
A Word of Expet Advice for Atlanta Small Business
"In light of today's shifting economic conditions, bankruptcy trends serve as a valuable prism through which to evaluate the credit health of today's small business market," said Dr. Reza Barazesh, senior vice president, Equifax Commercial Information Solutions. "Our latest analysis shows that while business failures may be on the decline, conflicting trends are still making us question if the worst is behind us. Only time will tell if these patterns are just a market aberration resulting from current economic turbulence or a sign of change to come."
If you're an Atlanta small business owner, what are you're thoughts on Dr. Barazesh's statement that while bankruptcies may be on the decline, that the worst may not actually be behind us? What options and ideas do you have for your business future? Let us know what you think.