The economic confidence of small business owners fell in November to its lowest level in nine months as holiday sales expectations sagged, according to a study released Monday.

Discover's Small Business Watch index dropped 12 points last month to 76.5, from 88.5 in October. In addition, 46 percent of small business owners said they expect lower sales this holiday season than in 2008, while 39 percent expect to sell the same amount, and only 11 percent expect more sales.

"Fading confidence among small business owners could be tied to their low expectations for the upcoming holiday season," said Discover business credit card director Ryan Scully.

Lagging sales may be linked to financial problems for many small firms. Fifty-two percent of small business owners said they experienced cash flow problems, up from 44 percent in October. Forty-one percent said they had not experiences cash flow problems, the lost figure since the survey began in 2006.

The Obama administration has repeatedly called for increased small business credit in order to make up for capital shortfalls. Last month, Treasury Secretary Tim Geithner called on Congress to increase support for local banks that lend to small firms at a conference of policymakers, lenders and small business owners.