Even as small signs that the economy is stabilizing make headlines – the S&P 500 is up 20 percent year-to-date, and pending home sales rose for the fifth month in a row, according to the National Association of Realtors – corporate treasurers still face the sorts of challenges that can can cause even sound sleepers to bolt wide awake in the middle of the night.

Among the most persistent has been the lack of credit. In May of this year, more than one-fourth of companies surveyed by the Association for Financial Professionals indicated that credit was tighter than it had been. As a result, nearly all the firms had taken some action to survive the credit crunch, including chopping capital spending and hiring.

In July, about two-thirds of small and midsize businesses responding to a survey indicated that their access to credit was more limited now than it was at the same time in 2008, Greenwich Associates reports. “Credit availability for small and midsize businesses continues to be a major issue,” said Greenwich consultant Steve Busby in a release.

Larger companies continue to face their own struggles. The amount of commercial paper outstanding that was issued by nonfinancial companies dropped from $209 billion in January to $117 billion in June, according to Federal Reserve data. The average number of AA nonfinancial firms issuing paper dropped from 193 in March 2009 to 137 in July, a decline of about 30 percent. That’s also according to the Fed.

Until access to credit improves enough that corporate financial execs feel confident opening their purse strings, the economy will continue to languish. And treasurers will face more nights of tossing, turning, and wondering just how secure their corporate funding is. ###