Topics:
May 3, 2023
Insight on how Main Street views banking and the economy
Relationship Between Banks and Small Businesses Assessed in New Survey
- When asked to characterize the current financial state of their business, 30% reported excellent, 44% reported good, and 22% reported okay. Only 4% characterized the current financial state of their business as bad.
- When asked about the current state of their local economy, only 5% reported excellent, 33% reported good, 48% reported okay, and 13% reported bad.
- When asked about the national economy, none reported excellent, 6% reported good, 36% reported okay, and 58% reported bad. A little over half (55%) of owners think the U.S. is already in a recession.
- Almost all (97%) of owners have a business bank account separate from their personal bank account. Among those with separate bank accounts for personal and business purposes, 56% use the same bank while 44% use different banks.
- Ninety-eight percent of owners have not changed their primary financial institution that they use for business purposes in the last month.
- Forty-one percent of owners regularly talk with someone at their bank about their business’s finances (at least once every 6-12 months).
- About a third (36%) of small businesses reported that in a typical calendar quarter their business’s bank balance exceeds $250,000.
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