Survey: Small businesses project growth despite economy

9/22/2011

A recent survey conducted by Ink from Chase revealed that smaller companies are expanding despite a lack of small business lending by banks. The study received responses from 390 members of the Inc. 500/5000 CEO email database, queried between September 9 and September 14.

When polled about where they believed their companies would be financially three-to-six months from now, 51 percent of participants responded "slightly better," while 23 percent predicted "much better."

Furthermore, 75 percent of small business owners said they're adding new positions, up from 72 percent last year and just 49 percent in 2009. Also, 67 percent of respondents stated they plan to expand into new U.S. markets as part of their growth strategies.

"We are inspired by the optimism shown by small business owners and their plans to grow, upgrade talent and hire, despite the current economic environment," said Richard Quigley, president of Ink from Chase.

Inc. magazine president Bob LaPointe added that "Small to mid-sized growth companies continue to demonstrate remarkable resilience in spite of economic uncertainty."

Small businesses received a boost earlier this week when vice president Joe Biden announced that 13 big banks planned to increase their small business lending by a combined $20 billion over the next three years, Forbes reports.