Small Business Owners Remain Optimistic, Survey Reveals

Small business owners are feeling optimistic about the future of their businesses, according to a recent survey conducted by TD Bank. The survey, which polled 1,014 small business owners and partners, found that 90% of respondents are optimistic about the next 12 months, up from 80% in the previous year.

In New York specifically, 96% of small business owners believe their businesses will perform well in the next six to 12 months. Additionally, 64% of those surveyed anticipate an increase in revenue and sales, with 59% planning to expand their products and services in the coming year.

While optimism is high, small business owners are still facing challenges. Inflation and interest rates are top concerns for 56% of respondents, while 58% are worried about the increasing costs of supplies, materials, and equipment.

Despite these challenges, small business owners are looking towards the future with hope. Almost two-thirds of those surveyed said they will have additional credit or financing needs in the next 12 months, with 50% planning to use the funds to maintain company operations.

Chris Giamo, head of Commercial Banking at TD Bank, emphasized the resiliency of small businesses in navigating tough economic circumstances. Amy Dinkar-Patel, head of Small Business & Commercial Distribution at TD Bank, highlighted the importance of having a trusted financial institution for guidance and support during challenging times.

Overall, the survey reflects the determination and adaptability of small business owners as they continue to strive for growth and success in the face of economic uncertainties.