Small-business owners are feeling positive about their businesses and the broader economy, and that goodwill is translating into satisfaction with their primary banks, according to a new survey by J.D. Power.
More than half (54%) of small-business owners are financially healthy and increasingly believe their banks are helping them meet their business credit and borrowing needs and savings goals, the survey found. Roughly three in five (61%) of small businesses received financial advice from their banks this year, and 94% of those recipients said the advice or guidance they received positively influenced their financial habits.
At the same time, the proportion of business owners who said they have an excellent credit score declined to 35%, and 57% said they are able to pay all of their bills on time, down two percentage points from a year ago. External factors that business owners fear could have a major or severe influence on their business included inflation (50%); tariffs (37%); interest rates/cost of borrowing (37%); supply chain (33%); and retaining/hiring employees (27%).
