Small business owners are turning to banking partners for advice to help their business run better as inflation concerns continue
NORTHAMPTON, MA / ACCESSWIRE / May 20, 2024 / Many business owners may not realize that their bank can be a strategic partner, offering more than just a checking or savings account for their businesses. Small businesses' banking partners are often deeply invested in their success and impact on their communities, offering services beyond financial product expertise by also providing valuable advice during uncertain times. By building a strong relationship with their bank, small business owners can gain access to customized strategies for managing cash flow, securing credit, and achieving your business goals.
KeyBank's 2024 Small Business Survey found the top three pieces of advice owners have received are: cut costs by reducing discretionary spending (34%), establish an emergency fund (22%) and diversify revenue streams by introducing new products or services (20%). This comes at a pivotal moment, as small business owners navigate cash flow and business operations amid a challenging economic backdrop.
The good news: More than half (52%) of small business owners are confident that their banks understand their cash flow concerns! Still, almost 20% are unsure if their banks do so - pointing to an opportunity for banks and business owners to expand their relationships.
"As inflation concerns continue and interest rates rise, small business owners are seeking guidance to ensure their long-term success," said Mike Walters, Head of Business Banking at KeyBank. "KeyBank is proud to offer resources and tools to help equip them to weather financial uncertainty and help their business run better."
KeyBank, a top SBA lender1, has provided more than $4.5 billion in small business loans and lines of credit. Most recently, KeyBank received their 11th consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC) on its most recent Community Reinvestment Act (CRA) exam.
Key's commitment to inclusive communities is vast, encompassing a broad range of programs, initiatives, and collaborations. KeyBank is dedicated to supporting low-to-moderate income (LMI) communities as well as providing community investments to bring access to capital to local businesses. In 2023, we provided $267.7 million in small business lending to LMI communities and, in 2020 and 2021, processed 69,000 loans through the Paycheck Protection Program (PPP), providing more than $11.2 billion in critical funding to small and mid-size businesses.
Learn more about KeyBank's opportunities and programs for your small business by visiting key.com/small-business. KeyBank offers a range of tools, including the KeyBank Small Business Check-In, KeyBank Small Business Financial Review and the Business Cash Flow Calculator.
Methodology
This survey was conducted online by Survey Monkey. 1,983 respondents, ages 18-99, located in the United States, who own or operate a small-to-medium size business with an annual gross revenue of less than $10 million, completed the survey in March 2024. Learn more about KeyBank's opportunities and programs for your small business by visiting key.com/small-business. KeyBank offers a range of tools, including the KeyBank Small Business Check-In, KeyBank Small Business Financial Review and the Business Cash Flow Calculator.
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This material is presented for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not provide legal advice. All credit products and SBA Loans are subject to approval, terms, conditions, and availability and subject to change. KeyBank Member FDIC, SBA Express Lines of Credit ARE NOT FDIC INSURED OR GUARANTEED. Key.com is a federally registered service mark of KeyCorp. ©2024 KeyCorp
1Source: Statistics released by the U.S. Small Business Administration (SBA) October 2023 for total approved loans through the SBA's 7(a) lending program during the federal fiscal year ending 10/2023.
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SOURCE: KeyBank
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