The government PPP and EIDL programs have offered relief for business owners by covering payroll and other expenses. These loans were created to help businesses continue operations, keep employees on board, and rebuild. However, those funds will not last forever and additional capital may be needed moving forward.
To get a pulse on the current economic landscape, SmartBiz Loans conducted a survey of U.S. small businesses. The survey results show the need for additional funding as business owners face a new normal.
“This survey illustrates that there is a tidal wave of demand coming from small business owners for continued access to low-cost capital,” said Evan Singer, CEO of SmartBiz Loans. “It’s vital that banks prepare now to help the many high-quality businesses get
the capital they need to grow. This funding will not only help these particular small businesses expand but will help renew the national economic landscape as well.”
SmartBiz Loans’ research represents results from a survey of 500 small businesses. The survey was conducted June 25th through June 28th via SurveyMonkey. 50% of the responses came from SurveyMonkey’s national panel of small and medium size business owners and 50% came from an internal sample of SmartBiz small business customers funded with a PPP loan by a bank in the SmartBiz network.
Review our easy-to-digest infographic outlining the SmartBiz Loans survey results.