Optimism among small and medium-sized enterprises (SMEs) rose to near-record levels, according to a US survey.

The Wells Fargo/Gallup small business index reported an optimism level of 113 for the second quarter of 2007, one point below the all-time high of 114 in the fourth quarter of 2006.

Indeed, 95 per cent of small business owners say that they feel successful at their job, the report indicates.

Dr Scott Anderson, Wells Fargo senior economist, commented: "Despite fears that higher gasoline prices would weaken small business demand, steady job and income growth have helped sustain robust revenues and cash flows for small businesses.

"These survey results are consistent with our forecasts of a moderate rebound in economic activity in the second quarter of 2007."
Six factors for current and future expectations are assessed by the index, including financial situation, cash flow, capital allocation, hiring and availability of credit.

Wells Fargo originated almost 5,000 loans for $578 million (£293 million) in 2006, according to its own figures.