Small Business Owners Remain Optimistic for 2023 Despite Q1 Challenges
IOU Financial Inc., a leading online lender for small businesses, has released its April 2023 State of Small Business Survey, which reveals that despite a slow start to the year, small business owners are maintaining a positive outlook for the remainder of 2023. The survey captures the opinions of 198 small business owners, with a 7% margin of error and a 95% confidence level.
According to the survey, 75% of small business owners rated their current state of business as “positive” or “very positive,” a slight decrease from the 85% reported in December 2022. Concerns surrounding inflation, recession, staffing, consumer demand, and public health have increased since January 2023, with bank closures now concerning 62% of respondents.
Despite these challenges, the majority of small business owners believe that the worst is behind them and see opportunities for growth in the remainder of the year. A total of 69% of respondents reported that they “definitely” plan to invest in their businesses in the second half of 2023, while 24% said they “maybe” will do so.
Carl Brabander, EVP Strategy of IOU Financial, commented on the survey findings, stating, “These survey results highlight the strong entrepreneurial character of small business owners and help explain how they consistently create the majority of all new opportunities in the US.” He added, “IOU is proud to fund the future of small business and be a part of their success story.”
For small business owners, this optimism in the face of challenges can serve as a source of motivation and hope for the future. As many small businesses continue to navigate through economic uncertainties, the survey findings underscore the resilience and adaptability that are the hallmarks of successful entrepreneurship.
IOU Financial offers term loans of up to US$1.5 million over 36 months, as well as the IOU Cash-Back Term Loan, which provides a 3% rebate to clients with a perfect repayment history. By offering accessible growth capital to small businesses through a network of preferred brokers across the US and Canada, IOU Financial aims to be a trusted alternative to traditional banks.
Since its founding in 2009, IOU Financial has originated over US$1 billion in loans to fund small business growth. The company, which was named one of the 50 Best Places to Work in Fintech for 2022 by American Banker, operates on its proprietary IOU360 technology platform, connecting underwriters, merchants, and brokers in real time. IOU Financial trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU) and on the US OTC markets as IOUFF.
The full State of Small Business Survey report is available in PDF form here.
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