Half of Small Business Owners Saw Increased Revenues in 2019
JAN 29, 2020 - 6:55 am
A nationwide survey conducted by Balboa Capital, an online business lender that specializes in small business loans and equipment financing, revealed that small business owners had an encouraging 2019 and are feeling optimistic about their companies, and the U.S. economy.
Fifty-three percent of small business owners reported increased revenues last year, 74% think their companies are better off today than they were one year ago, and 82% think the economy will experience moderate to strong growth in 2020.
The survey was sent to a sample of small business owners in over 75 industries during the first week of January 2020.
“The results show that small business owners are maintaining their optimism in early 2020,” said Kevin Umeda, manager of Sales Planning and Coordination at Balboa Capital. “It’s no secret that when small business owners feel confident about the United States economy, they are more likely to invest in their operations. The potential for continued growth in the small business sector in 2020 is definitely there, and we are ready to support business owners who need fast, easy access to capital. We recently closed the largest securitization in our company’s history, so we have money to lend.”
Key findings of Balboa Capital’s Q1/20 small business owner survey include:
80% of small business owners think the economy had growth in 2019, and 17% think the economy was flat.
53% of small business owners reported increased revenues in 2019, 29% reported no change in revenues, and 18% reported decreased revenues.
74% of small business owners think their companies are better off today than they were one year ago.
82% of small business owners think the U.S. economy will experience moderate to strong growth in 2020.
58% of small business owners expect to increase their capital investment spending in 2020.
41% of small business owners plan to hire more employees in 2020.
Among small business owners who need growth capital in the first quarter of 2020, 25% will apply for a small business loan, 19% will apply for a business line of credit, and 13% will apply for equipment financing.
The most popular choices of small business owners who need funding in the first quarter of 2020 are banks (42%), online lenders (29%), and credit unions (21%).
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