President Trump campaigned on a promise to cut regulations and restore jobs, both issues that NFIB members care deeply about—a promise on which he continues to deliver for small business.
Business Insider reports that the president met with CEOs on Tuesday, April 11 and suggested that small businesses were struggling to acquire funding.
“So many people come to see me, I see them all the time, small businesses that are unable to borrow from banks,” Trump said. “They never had a problem five, six, seven, 10 years ago. They had great bankers, great relationships, now they can’t borrow.”
NFIB’s own data suggests that borrowing needs are historically low, with only 4 percent of small business owners saying that their needs are not being met. Instead, owners are reporting that they aren’t looking for a loan, with 52 percent of owners reporting they currently do not want one.
Only 2 percent of owners reported that financing was their top business issue while taxes, regulation, and, lack of qualified labor were the top concerns with 20 percent of owners concerned about taxes.
The Trump administration has already scored some regulatory wins that business owners have been looking for, but the failure to repeal Obamacare may impact small business optimism in the coming months.
“The April data (due out in May) will tell us much more about how small business owners are processing the events in Washington,” said NFIB president and CEO Juanita Duggan. “We know they have struggled under Obamacare, and that taxes are a major concern. Congress’s failure to keep its promises could dampen optimism, and that would ripple through the economy.”
But even if optimism dips, NFIB anticipates continued job creation in the future.
“The increases in capital expenditure plans and actual earnings are signs of a healthier economy, and we expect job creation to pick up in future months,” said NFIB Chief Economist Bill Dunkelberg.
