Bank of America releases the spring 2014 Small Business Owner Report

We are pleased to share the spring 2014 Bank of America Small Business Owner Report, a semi-annual study that uncovers the concerns, aspirations and perspectives of small business owners around the country.

Our industry is seeing an exciting shift – a rise in the growth of women-owned businesses. As such, this report takes a special look at female small business owners, and how they deal with the demands of running their own business – from family dynamics to aspirational goals. We also compared attitudes of female and male entrepreneurs and found that women show more optimism than their male counterparts about the future of their businesses. Yet across the board, they are more concerned about broader economic issues including health care costs, interest rates and the strength of the U.S. dollar.

Loan approvals are on the rise, which is good news for our industry as it signifies growth. Also, small business owners planning to apply for loans this year are looking to use those funds to expand operations or make an upgrade, such as the purchase of new equipment. Additionally, the majority of those surveyed are confident that their local economy will improve in the next year.

At Bank of America, we know that the local economy is crucial to the growth and success of small business owners, which is why we have dedicated small business experts around the country. We have also committed to expanding our small business presence and will be hiring more than 200 new small business bankers in key markets throughout the nation in 2014.

Whether a business has been in the family for generations or is just starting out, Bank of America is committed to helping small businesses reach their full potential in the coming year.

Download the Bank of America Small Business Owner Report.

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