Lending to small businesses in October was the highest it’s been since August 2007, according to the Thomson Reuters/PayNet Small Business Lending Index.

The index was at 120.4 that month, up from 109.9 in September. The index includes data from 250 U.S.-based lenders, and it usually serves as a leading indicator.

The numbers should mean more good news is on the way. “When you have investment to increase assets to produce more goods, you’ve got to believe there’s more job creation going on,” PayNet founder Bill Phelan told Reuters.