The second estimate from the US Department of Commerce states that the US economy grew at a 2.2% annualized rate in Q1. Small business optimism is at its highest point since 2015, according to the Federal Reserve Bank. What are your plans concerning your small business? How can you get reliable and affordable merchant funding to grow your business? Just move forward and you’ll know.
Small Business Growth in the US
Did you know that small businesses make up nearly 40% of total hiring. US small businesses serve as a good indicator of the overall economic activity, as Joseph Lavorgna notes. Lavorgna is the chief economist for Americas at Natixis.
In over 30 years, in May 2018, the small business optimism in the US reached its top level. This was according to the National Federation of Independent Business or NFIB.
According to the Small Business Credit Survey, 66% of small businesses that have not more than 500 employees across the nation hope to witness growth in their revenue. What is more, 44% anticipate increasing the number of their employees in 2018.
US entrepreneurs are more and more optimistic about the future of their companies. In fact, the level of confidence they have in the economy, revenue and long-term growth has jumped to the highest level since 2015. This is according to the spring 2018 Small Business Owner report by Bank of America Business Advantage.
Based on the report, which includes results from the semiannual survey of 1.000 small business owners throughout the country, 54% of entrepreneurs think the national economy will continue to prosper in 2018. This number is up 2% points from 2017. Besides, it’s higher 25% points from two years ago.
Additionally, 56% of small business owners believe their local economy will get better in 2018. As compared, this number was 50% in spring 2017 and 38% in spring 2016.
Get Merchant Funding to Grow Your Business
Sharon Miller, head of small business, Bank of America, says that the optimism of small business owners towards the economy and their business outlook is at their highest levels since 2015. Lots of entrepreneurs are confident that tax policy changes and emerging technologies will be advantageous for them. Many entrepreneurs are looking for an opportunity to invest in their business.
You may have heard that almost 64% of small businesses had financial challenges at some point over the last year. Are you a small business owner working on growing your business? Are you interested in enlarging your business and increasing revenue?
This is more than possible if you get merchant funding from a reputable alternative online lender or business financing provider. A true professional in the field can offer you the lowest rates and the best funding solutions geared to your own business needs.
On the whole, the small business optimism index’s reading of 107.8 in May speaks of an increase of 3 points from April. Besides, it shows the 2nd highest level in the index’s 45-year history. The record was registered in 1983, which was just 0.2 points more at 108.0.
Author Bio: As an account executive, Michael Hollis has funded millions by using alternative funding (or merchant funding) solutions. His experience and extensive knowledge of the industry has made him a finance expert at First American Merchant.