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Small Business

Small Business Confidence Remains Strong

Jersey City-based Provident Bank announces the results of its Small Business Confidence Survey. Results demonstrate that the majority of small business owner respondents (nearly 80%) expect their business revenue to improve over the next year. The findings were based on an online survey of 400+ small business owners conducted through Pollfish in May.

As another sign of growth in the small business sector, 60% of small business owners believe the current economic client has had a positive impact on their business with increased revenue, while only 10%t think the current economic client has hurt their business. Hiring is also on the horizon for small businesses, as 35% of respondents plan to hire 1-5 employees, 23% plan to hire 6-10 employees and 24% plan to hire more than 10 employees.

According to the survey, respondents said the following are the top concerns for their small business:

  • Finding ways to grow revenue (23%)
  • Finding and retaining qualified employees (16%)
  • Maintaining cash flow (16%)
  • Health care costs (15%)
  • Corporate taxes (10%)

Expecting growth in a number of key areas, survey respondents indicated they plan to offer new products (22%), increase spending (16%), move or expand locations (11% t) and pursue additional financing (10%) over the next year.

“At Provident Bank, our branches work with small businesses every day and we are pleased that a strong economy is helping maintain their confidence levels,” said Josephine Moran, Executive Vice President, Director of Retail Banking.. “Our survey of small business owners matches the results of the National Federation of Independent Business’s (NFIB) most recent Small Business Optimism Index which also reported increased sales, strong job creation and hiring, improved businesses conditions, and credit conditions for small businesses.”

Provident Bank’s Small Business Confidence Survey also asked respondents about their most recent experiences with their financial institution. Most small businesses are pleased with their current banks, as 41% said they were extremely pleased, 43% said they were somewhat pleased, 15% said they were neutral and only 1% said they were very displeased with their financial institution.

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