Credit remains hard to come by, according to Greenwich Associates' latest survey of small to midsize U.S. companies. In fact, 86% of the smallest companies–those with annual revenue of $10 million or less–told Greenwich in September that it was becoming harder to secure credit in the third quarter, up from the 68% that expressed that view in July.

Among midsize companies, those with annual revenue of $10 million to $100 million, 65% said it was becoming harder to secure credit in the third quarter, unchanged from the view in the second quarter.

The bleaker assessment by smaller companies reflects the fact that banks regard them as riskier, says Chris McDonnell, a consultant at Greenwich Associates. “In large terms, everyone is finding it more difficult to borrow, it's just accentuated for the smaller companies that represent a greater risk for the banks,” McDonnell says. “Overall, the financial health of companies is declining, which is raising their risk profile in the eyes of the banks, who are far more conservative or risk-adverse today than a year ago.”