Helping Small Businesses Crack the Code on Financing
Small businesses power the U.S. economy — making up 99.9% of all businesses. Lending is vital to these businesses, as it can help fuel growth and contribute to success. But many small business owners don’t feel confident they can get the financing they need.
IT’s all about Relationships
Owners gravitate to smaller banks that prioritize customer service
For financial services marketers, gaining a better understanding of the challenges small business owners face when it comes to accessing capital is the first step to creating content that speaks directly to their needs.
1 NFIB 2 NFIB 3 NFIB 4 J.D. Power 5 NFIB 6 Fed Small Business 7 Fed Small Business 8 Hello Alice 9 America’s Small Business Network
What size bank do small businesses use?1
What matters most to small businesses owners?2
use a small or regional bank.
of small business customers receive financial advice from their bank.4
41% of small business owners talk with someone at their bank about their business’s finances at least once every six-to-12 months.3
67%
use a medium size bank.
17%
use a large bank.
14%
37% to meet operating expenses
Sources of financing6 Nearly 90% businesses regularly use or carry a balance on at least one financing product.
Why do small businesses seek funding?5
Why financing is so key — and how owners use it
The drive behind the demand
Credit card
56%
Business does not use external financing.
Loan
Line of credit
Trade credit
Lease
Merchant cash advance
Factoring
53%
34%
5%
2%
13%
Satisfaction with lenders Applicants at small banks and credit unions were most satisfied with their experiences, while online-lender applicants were least satisfied.7
Credit union
81%
Small bank
79%
Large bank
61%
Finance company
Online lender
40%
21% to expand the business
24% to replace capital assets or make repairs
8% to refinance or pay down a debt
9% other
Customer service is most important.
Low fees are very important.
87%
62%
Small businesses may not be able to get the financing they need to reach their goals
The challenge of accessing capital
77%
of small business owners say they are concerned about their ability to access capital.9
of small business owners struggle to secure capital or find accessible loans.8
31.4%
believe they can afford to take out a loan given current interest rates.9
32%
Schedule a free strategy brainstorm with our team by emailing imprint@imprintcontent.com or completing the contact form here.
Looking to build more meaningful connections with your small business owner audience?
CELEBRATING SMALL BUSINESS MONTH 2024
57%
