Bank of America, one of NAAAP’s most active sponsors, is excited to share with you the latest insights from its Bank of America 2020 Small Business Owner Report. The study, which is based on a survey of more than 1,000 small business owners nationwide, reveals that U.S. entrepreneurs remain resilient and flexible as they continue to navigate an evolving business landscape brought on by the health crisis. Furthermore, entrepreneurs anticipate a strong post-pandemic environment that will support small businesses. Key findings include:
· Entrepreneurs remain resilient and flexible: More than four-in-five small businesses remained open in some capacity throughout the shutdowns, either operating as an essential business (38%) or by adjusting operations (47%). Nearly one-quarter took steps to retool their products or services, and/or to leverage their business’ resources to support relief efforts in their local communities.
· Access to capital remains crucial during the pandemic: More than two-in-five business owners applied for at least one type of loan to address the impact of coronavirus, with one-third applying for a Paycheck Protection Program loan. For many, this capital gave them the ability to keep employees on payroll (75%) and maintain operating expenses (62%).
· Guarded business and economic outlook among Asian American small business owners: While entrepreneurs are feeling significantly less confident in the economy over the next 12 months, Asian American small business owners are evenly split regarding revenue projection growth and decline. Asian American small business owners are more than twice as likely to say they plan to hire more staff over the next year compared to the national average.
· Top economic concerns for Asian American business owners reflect macro issues: Against the backdrop of a pandemic and in an election year, the top two concerns for Asian American small business owners this fall are the political environment and impact of coronavirus, followed by consumer spending, health care costs and the stock market.
· The path forward: Entrepreneurs anticipate a strong post-pandemic small business environment that will support small businesses. When thinking about the road to recovery, SBOs say increased consumer spending and restored confidence in public health will be most beneficial in helping them succeed on the other side of the pandemic.
Read the full 2020 Bank of America Small Business Owner Report