Balboa Capital Survey Finds Economic Optimism from Small Businesses
AUG 2, 2017 - 7:02 am
According to a Balboa Capital survey, 73% of small businesses are confident that the U.S. economy will continue to experience moderate to high growth in Q3/17. Additionally, more than half of the survey respondents reported revenue growth in Q2/17.
“Small business owners have continued to experience growth through the first half of 2017,” said Carla Freberg, vendor services manager at Balboa Capital. “Confidence in the economy and increased revenues allow for more business owners to invest in growing their companies, with many of them seeking business financing to do so.”
Key findings of Balboa Capital’s Q2 Small Business Confidence Survey include:
73% of small business owners felt the US economy experienced growth in Q/17. While this is a 6% decrease from Q1/17, SBOs remain optimistic about overall economic growth.
One in four small business owners experienced significant revenue increases in Q2/17.
50% of SBOs said they will apply for business financing in Q3/17.
One in three SBOs will seek financing for new or upgraded equipment in Q3/17, while one in four will apply for a small business loan.
When asked about their business investment strategies for Q3/17, 35% of SBOs said they want to hire more employees, 13% want to add mobile technology to their operations and 10% want to purchase inventory.
The survey indicates that overall confidence in the economy is correlated with small business owners’ plans for capital investment. This trend is expected to continue into Q3/17, with 72% of business owners reporting expected revenue increases, a 2% increase from Q2/17.
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