Just over four in 10 small business owners say they expect to grow revenue in 2021, while just 9% expect revenues to decline, according to a new survey released today by TD Bank. More than a third, 37%, said they are considering expanding product lines and services, while 16% are expecting to expand their workforce. Seventy-three percent said they expect their employee base to hold steady.
The survey also asked small business owners about their level of confidence with running their business during the pandemic. A majority of small business owners—78%—say they are most confident handling the finances and accounting for their businesses, while 76% said they were confident in opting to use online and digital banking features, and 66% said they were confident in knowing when to seek additional credit or financing.
In terms of future financing needs, over half said that they had no loan or line of credit needs, though one in three said they have applied for a loan (including Paycheck Protection Program loans) in the last year. Only 14% said they planned to apply for a loan or a line of credit in the coming year. Around 20% of respondents reported taking advantage of the PPP before March 2021.