Despite uncertainty related to COVID-19, four in 10 businesses say they expect their credit needs to increase in 2022, according to the JPMorgan Chase Business Leaders Outlook survey released today. Small businesses are increasingly seeking financing, with 69% planning or needing financing in 2022, up from 59% a year ago. Almost half, 48%, of small businesses plan to use business credit cards to help fund their purchases, up from 38% a year ago, according to the survey. Small businesses are also exploring online lending, with 68% saying they plan to look into the option in 2022, up from 56% a year ago.
Additionally, small businesses are reaching customers through digital channels, with 24% implementing more contactless payment options and 19% saying they expect to move to an all e-commerce model, up from 12% a year ago.
The survey also found that 81% of midsize businesses and 63% of small businesses anticipate growth in revenue and sales in the year ahead. Eighty-three percent of midsize businesses and 71% of small businesses are optimistic about their performance in 2022. More than half, 53%, of midsize businesses are operating at least at the same capacity as they were before the COVID-19 pandemic and 31% are operating at a greater capacity than their pre-pandemic levels, the survey found.