National Business Capital / EGC Survey Finds Business Owners Hoping to Grow in 2023, Despite Looming Recession Fears
47% believe that inflation and rising prices will most impact their businesses in 2023 / 56% plan to seek outside investment and business loans to fund their growth plans / 30% believe they will survive a recession, as COVID confirmed their company’s resilience
Long Island, NY (PRUnderground) October 17, 2022
National Business Capital, the leading FinTech marketplace offering competitive, best-fit, financing solutions to entrepreneurs, announced today findings from a poll they conducted of over 250 U.S. business owners asking them about their prospects for 2023.
The survey was run in partnership with the company’s marketing agency, The EGC Group.
At a time when retailers are finally bouncing back from the pandemic, the market continues to serve up challenges including rising interest rates, inflation, and signs of stalling economic growth.
Despite new economic factors, a third (33%) revealed that they were sticking with existing plans to expand their businesses. Nearly a quarter (24%) reported that they’re actually planning new investments as a growth hedge against what the economy is doing.
“We’re pleasantly surprised to see how bullish business owners remain despite the economic forecast,” said Joe Camberato, CEO and Founder of National Business Capital. “Owners appear willing to invest in their businesses and take advantage of new tools available to them to grow the enterprise.”
With interest rates rising and banks tightening their lending practices, entrepreneurs and business owners may need to look elsewhere for capital. More than a quarter (28%) of survey respondents report banks have gotten more selective and one-in-five (20%) claim the bank experience has gotten too impersonal with their borrowing fate left in the hands of a mathematical algorithm. Almost a third (31%) say they would rather work with a funding resource that “gets” their mission and wants to learn about their growth plans.
While 38% said securing funds from banks was too difficult right now, 32% felt this is the right time to invest in their companies with 24% would explore alternative funding options within the next 6-months.
“The survey respondents reflect the same sentiments we’re hearing from our customers,” reports Camberato. “They want to invest in their businesses and they are looking for the right loans for the goals they want to achieve. Fortunately, a resource like National Business is here, ready to listen.”
For more information about National Business Capital and ways it can help your business grow, visit: https://www.NationalBusinessCapital.com
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