May 24, 2021
Main Street Monday – 60% of Small Business Owners Expect Their Revenue to Increase This Year
Bank of America’s 2021 Small Business Owner Report released earlier this month indicates that U.S. small business owners have started to recover from an unprecedented year of challenges brought on by the coronavirus pandemic.
“Our latest research found small business owners have started to regain their footing,” says Sharon Miller, head of small business lending at Bank of America. “Economic confidence and business revenue expectations have bounced back significantly from levels seen last fall, with hiring plans on the rise as well. Most also feel that a widely available vaccine in their local community will be helpful in bringing their business back to normal.”
Here are some of the highlights from Bank of America’s most recent report:
- 60% of small business owners say that they expect their revenues to increase over the next 12 months.
- Despite navigating unique challenges brought on by the coronavirus pandemic, nearly all entrepreneurs say that their business’s financial situation is strong (39%) or fair (54%).
- The broader U.S. political environment (71%) health care costs (64%), and the price of commodities (59%) remain the top concerns for small business owners.
- 2 out of 5 entrepreneurs tried to hire new employees during the pandemic. However, 47% reported difficulty finding qualified candidates.
- To stay afloat during the pandemic, 48% of small business owners dipped into their personal savings, 34% used their business or personal credit cards, and 33% got Paycheck Protection Program loans.
- 62% of business owners anticipate operational changes implemented during the pandemic to continue into the future.
“Small business owners have showed time and again during the pandemic that they are the resilient backbone of our economy and of local communities throughout the country,” says Miller. “From providing essential services to revamping operating models, I am inspired by the dedication and passion of entrepreneurs across the country and encouraged to see their renewed optimism about the future of their businesses.”