2021 was one of the roughest years on record in the world of small business. 2022 showed that things have significantly improved. However, small business owners are not quite as optimistic as they look to 2023.
OAKLAND, Calif., March 13, 2023 /PRNewswire-PRWeb/ -- TMC Financing is pleased to announce the release of our Annual Small Business Outlook Survey. The Small Business Outlook Survey provides a window into the expectations of small business owners as they plan for the new year.
TMC Financing surveyed 313 small business owners from within our portfolio of funding recipients in California, Arizona, Nevada and Oregon to understand how they are feeling about the upcoming year. The news was not quite as optimistic as last year's results.
Here are some important highlights:
- 40 percent of business owners surveyed expect to hire in 2023.
- 77 percent said they do not plan to refinance during the year.
- 86 percent of respondents said the SBA 504 loan helped their business.
2022 was a strong year for many small businesses but many aren't sure if 2023 will be as successful.
59 percent of respondents said their revenue increased in 2022, slightly less than the 64 percent who predicted that would be the case at the outset of the year.
Looking ahead, 49 percent of respondents predict 2023 will see an increase in business. Seventeen percent expect their revenues to decline in the coming year. Thirty-four percent say the revenue picture will likely remain status quo through 2023.
The SBA 504 Program Helped Many Business Owners Maintain Stability in 2022
TMC Financing secured $623 million in SBA 504 financing in 2022 to small businesses in need. About 5,000 jobs will be created with funding sourced through TMC Financing in fiscal year 2022.
Overseen by the Small Business Administration and issued by Certified Development Companies, the SBA 504 loan program focuses on helping business owners buy, construct, or refinance owner-occupied commercial real estate.
The SBA 504 loan program provides financing at below-market, fixed interest rates. Down payments as low as 10 percent ensure business owners maintain the cash flow they need to operate and reinvest in their business. There is no balloon payment, and all loans are fully amortized over 25 years.
A sweeping majority (86 percent) of SBA 504 loan holders surveyed said the program helped their business:
- "It is what has allowed my business to exist."
- "It has played a crucial role in our expansion."
- "It gave our business stability."
- "It helped me conserve capital to grow my business."
- "I own my building! This is the key to my baseline retirement plan."
The SBA 504 Program
The SBA 504 Program, which dates back to 1981, is a longstanding program to promote economic growth.
Leaders at TMC Financing suggest those interested in the program contact them right away by connecting with a TMC Financing Business Development Officer (BDO) in their area.
TMC Financing is the No. 1 SBA 504 lender in the nation. It has secured approximately $12 billion in SBA 504 commercial real estate financing for 6,000+ small businesses, resulting in the creation of more than 60,000 jobs.
As a 501(c) 4 non-profit, the organization – led by award-winning serial entrepreneur Barbara Morrison – has a mission to promote economic development and job creation for small businesses within its four-state service area.
Learn more: http://www.tmcfinancing.com/2023-small-business-outlook/
Media Contact
Lindsey Paley, TMC Financing, 8889898855, [email protected]
SOURCE TMC Financing
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