A Pepperdine University study released Tuesday indicates a disconnect between privately-held business owners, who are optimistic about business prospects over the next 12 months, and potential lenders of capital, who are less so.

Nearly 80 percent of the 388 privately held businesses responding to the Pepperdine Private Capital Markets Study believe that the coming year will offer opportunities for expansion, but that access to capital remains a major impediment.

“It’s hard to say if private business owners are too optimistic or lenders are too pessimistic, but my sense is, it is a combination of both,” said D. John Paglia, an associate professor of finance at Pepperdine University’s Graziadio School of Business and Management and lead researcher on the study.

About 56 percent of banks in the survey believe that the number of loan applications will increase over the next 12 months, but only 8.7 percent think that the time to process loans will decrease. In addition, 57 percent of angel investors surveyed also think there will be an increased demand for business investment over the next 12 months, but less than 3 percent believe investment standards will loosen.

Paglia believes some of the optimism among private businesses may stem from the Obama Administration’s efforts to establish a $30 billion fund to help spur small business lending. “However, if lenders and investors continue to keep their hands tightly clasped around their cash, businesses will have a hard time expanding,” he said.

The full study is available at bschool.pepperdine.edu/privatecapital.