Press release
First Citizens Bank's Annual Forecast Finds Small Businesses Confident, Undeterred By Economic Outlook
79% of small business owners surveyed anticipate growth RALEIGH, N.C., Sept. 11, 2023 /PRNewswire/ -- Nearly eight out of 10 small business owners feel a
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"79% of small business owners surveyed anticipate growth\nRALEIGH, N.C., Sept. 11, 2023 /PRNewswire/ -- Nearly eight out of 10 small business owners feel a strong degree of confidence that their companies will grow over the next year even amid rocky market conditions, according to a new survey.\nThe ninth annual First Citizens Bank Small Business Forecast found 79% of owners to be somewhat or very confident their small businesses will experience growth over the next 6-12 months, citing bank loans (57%), business credit cards (49%) and non-bank loans (25%) as the key funding proponents supporting expansion.\nThe survey includes responses from business owners in 10 states: Arizona, California, Colorado, Florida, Georgia, North Carolina, South Carolina, Texas, Wisconsin and Virginia.\nConfidence is strongest among Georgia-based owners, 94% of whom feel secure in their businesses' likelihood to grow. North Carolina and South Carolina owners expressed strong confidence in their ability to grow their business, with each state capturing 85% growth confidence. Texas rounds out the top four most confident states, with 81% stating they are optimistic about next year's growth.\n\"To see confidence of this caliber feels incredibly promising,\" said Doug Sprecher, executive director of sales strategy at First Citizens Bank. \"The First Citizens Bank Small Business Forecast continues to show the resiliency, strength and tenacity of the small-business community despite external challenges, such as economic uncertainty. As a bank, we're eager to help small business owners sustain their positive positioning in the market, leading to further innovation and growth nationwide.\"\nUncertain economic conditions complicate trajectory to growth\nSmall business owners' overall attitude of resilience prevails, even as 60% identify ongoing economic uncertainty as standing between them and achieving their goals — up 9% from 2022. Inflation is another perceived challenge, with 54% citing it as a concern that could hinder growth, while 30% also reported changes in consumer behavior as a trend impacting their business performance — which is a 7% year-over-year increase.\nLingering pandemic-related issues show decline\nJust 20% of business owners say that lingering pandemic-related issues pose a challenge for their businesses, which is a significant 19% decreas...