WASHINGTON–With Small Business Week beginning April 30, a new survey has found a majority of small business owners saying high interest rates and inflation are taking a toll on their businesses.
The Findings
According to WalletHub’s new Small Business Owner Survey:
- 63% of small business owners say high interest rates are hurting their business.
- 75% of small business owners say inflation has made it more difficult to run their business.
- Nearly two in five small business owners say low taxes are the most important factor for small business success.
- 58% of small business owners think it’s unfair that small business credit cards offer worse terms than consumer credit cards.
- More than three in four small business owners say they’ve used a personal credit card for business expenses.
- 49% of small business owners are not in favor of accepting payments in cryptocurrency.
Other Survey Findings
According to WalletHub, the Capital One Spark Cash Plus is the best business credit card overall because it offers an initial bonus of up to $1,000 and gives 2% cash back on all purchases. Meanwhile, WalletHub named as its Best Business Bank Account the Live Oak Bank Business Savings Account is WalletHub's Best Business Bank Account of 2023 because it has a 4% APY.
For more info: Small Business Owner Survey.
Feeling the FOMO Fever? CUToday.info Has a Prescription
Are you missing out on the latest news in credit unions? Missing the trends and developments you need to be aware of? We can help. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com