Small Businesses Plan to Expand Featured

By Staff Writer May 07, 2018

Expansion is on the agenda for small business owners in 2018, with more than half anticipating revenue growth and 22 percent planning to hire staff, according to the 2018 Small Business Survey conducted by TD Bank.

Last year, 46 percent of business owners expected to increase revenue and just 9 percent had plans to hire.

To help fuel this growth, credit needs also significantly increased nationwide. Forty-six percent of the 578 business owners surveyed said that they either have or will apply for credit in the next 12 months, compared with 21 percent in 2017.

Federal Reserve interest rate hikes may be affecting business owner's credit plans, however, with 27 percent stating rate changes are spurring them to seek credit sooner or to refinance current debt.

Tax reform, while capturing headlines, may not be a major boon to small businesses, with nearly half of respondents stating that the Tax Cuts and Jobs Act provisions will not benefit their businesses.

Last modified on Monday, 07 May 2018 18:15

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