COSTA MESA, Calif., April 29, 2021 /PRNewswire-PRWeb/ -- Balboa Capital, a leading direct lender that specializes in small business loans and equipment financing, today announced the results of its Q2 2021 Small Business Owner Survey, which was conducted to gauge small business owner confidence, measure the strength of the United States economy, and gain an understanding of recent small business performance. The survey found that half of small businesses saw increased revenues in Q1 2021, and seven in 10 small business owners (SBOs) expect their companies to perform better in 2021. Additionally, 59 percent of SBOs think the nation's economy will experience moderate to strong growth this year. Balboa Capital's survey was sent to a sample of SBOs in a wide variety of industries in April 2021.
"The fog of uncertainty that has lingered over Main Street USA appears to be lifting," said Kevin Umeda, Manager of Sales Planning and Coordination at Balboa Capital. "The results of our latest survey reveal that small business owners are seeing increased revenues in 2021, and they are feeling confident about the nation's economy. Seventy-one percent of SBOs we surveyed expect their companies to perform better in 2021, and this has translated into plans for long-term business growth. More and more SBOs are eager to invest in capital equipment, hire new employees, and purchase more inventory."
Key takeaways from Balboa Capital's Q2 2021 Small Business Owner Survey:
- 50% of SBOs reported increased revenues in Q1, compared to 17% in the previous quarter
- 28% of SBOs reported no change in revenues in Q1, compared to 30% in the previous quarter
- 22% of SBOs reported decreased revenues in Q1, compared to 53% in the previous quarter
- 71% of SBOs think their companies will perform better in 2021 than they did in 2020
- When asked how they think the United States economy will perform in 2021, 20% of SBOs said "strong growth," 39% said "moderate growth," and 24% said "flat/no change"
- 73% of SBOs plan to increase spending and/or invest in their companies in 2021
- 8 in 10 SBOs have incurred costs relating to coronavirus safety measures
- 35% of SBOs raised their prices to offset the costs relating to coronavirus safety measures
- 52% of SBOs expect to hire new employees in Q2, up from 25% in the previous quarter
- The impact of Covid-19 on sales and productivity is the number-one concern of SBOs in 2021, followed by business tax rates, consumer confidence/spending, operating costs/expenses, and stock market performance
About Balboa Capital
Balboa Capital is a technology-driven financing company that provides business owners with fast, hassle-free small business funding options to fuel their growth and success. The company specializes in small business loans, equipment financing, commercial financing, equipment vendor financing, and franchise financing. Balboa Capital developed an intuitive online platform that simplifies the entire financing process. Calculators provide instant estimates, applications can be completed and submitted in a matter of minutes, and sophisticated credit scoring technology provides instant decisions. To learn more, visit https://www.balboacapital.com/.
Media Contact
Kevan Wilkinson, Balboa Capital, 949-399-6327, [email protected]
SOURCE Balboa Capital
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