{"id":491344,"date":"2021-05-11T09:03:42","date_gmt":"2021-05-11T13:03:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bank-of-america-finds-60-of-small-business-owners-expect-their-revenue-to-increase-this-year-a-significant-rebound-since-last-fall\/"},"modified":"2021-05-11T09:03:42","modified_gmt":"2021-05-11T13:03:42","slug":"bank-of-america-finds-60-of-small-business-owners-expect-their-revenue-to-increase-this-year-a-significant-rebound-since-last-fall","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bank-of-america-finds-60-of-small-business-owners-expect-their-revenue-to-increase-this-year-a-significant-rebound-since-last-fall\/","title":{"rendered":"Bank of America Finds 60% of Small Business Owners Expect their Revenue to Increase This Year, a Significant Rebound since Last Fall"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Bank of America Finds 60% of Small Business Owners Expect their Revenue to Increase This Year, a Significant Rebound since Last Fall<\/b><\/p>\n<p class=\"bwalignc\"><i>Optimism among business owners increases as economic confidence bounces back and high levels of concern over the pandemic begin to decline <\/i><\/p>\n<p>CHARLOTTE, N.C.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nAccording to the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fdam%2Fnewsroom%2Fdocs%2F2021%2F2021%2520SBOR%2520FINAL%2520ADA.pdf&amp;esheet=52427370&amp;newsitemid=20210511005712&amp;lan=en-US&amp;anchor=Bank+of+America+2021+Small+Business+Owner+Report&amp;index=1&amp;md5=58db61932e3d0adb1a94bef3ee31d7d4\">Bank of America 2021 Small Business Owner Report<\/a>, U.S. small business owners have started to regain their footing after an unprecedented year of challenges brought on by the coronavirus.\n<\/p>\n<p>\nThe research, based on a survey of nearly 1,000 small business owners across the country conducted in March, reveals business outlook and economic confidence have bounced back significantly from levels seen in the fall. Over the next 12 months:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n60% of business owners expect their revenue to increase, up from 34% in fall 2020.\n<\/li>\n<li>\n56% are confident their local economy will improve, up from 39% in fall 2020.\n<\/li>\n<li>\n50% anticipate the national economy will improve, up from 37% in fall 2020.\n<\/li>\n<li>\n21% plan to hire, up from 13% in fall 2020.\n<\/li>\n<\/ul>\n<p>\nFurthermore, 79% of business owners say a widely available vaccine and\/or herd immunity in their local community will be helpful in bringing their business back to normal, while 15% say that business is already back to normal.\n<\/p>\n<p>\n\u201cSmall business owners have showed time and again during the pandemic that they are the resilient backbone of our economy and of local communities throughout the country,\u201d said Sharon Miller, head of Small Business at Bank of America. \u201cFrom providing essential services to revamping operating models, I am inspired by the dedication and passion of entrepreneurs across the country and encouraged to see their renewed optimism about the future of their businesses.\u201d\n<\/p>\n<p><b>Top economic concerns<br \/>\n<br \/><\/b>Consistent with last fall, business owners\u2019 top concerns for the year ahead include the U.S. political environment (71%) and health care costs (64%). Concerns that have declined significantly from last fall include the coronavirus pandemic (55%, down from 75% in fall 2020) and consumer spending (46%, down from 56% in fall 2020). Conversely, business owners expressed increased apprehension over macro factors such as commodities prices (59%, up from 42% in fall 2020), corporate tax rates (52%, up from 44% in fall 2020) and interest rate increases (46%, up from 35%).\n<\/p>\n<p><b>Operating during the pandemic and the transition to digital<br \/>\n<br \/><\/b>More than half (55%) of business owners say they faced difficulties keeping their businesses open as a result of the pandemic. As a result, many business owners made operational changes to their business over the past year, with 62% anticipating these changes will remain permanent \u2013 including:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nContinued enhancement of sanitation practices (54%)\n<\/li>\n<li>\nFurther building a digital sales strategy (32%)\n<\/li>\n<li>\nAccepting more forms of cashless payments (27%)\n<\/li>\n<li>\nMaintaining shortened hours of operation (22%)\n<\/li>\n<\/ul>\n<p>\nSixty-two percent of business owners adopted new digital tools and strategies to optimize operations in response to the pandemic, including:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nInteracting virtually with customers (47%) and employees (36%)\n<\/li>\n<li>\nBanking online or in mobile apps (36%)\n<\/li>\n<li>\nAccepting digital payments (30%)\n<\/li>\n<li>\nEnhancing their social media presence (26%)\n<\/li>\n<\/ul>\n<p>\nSixty-eight percent of business owners utilized various funding sources to support their operations through the pandemic, including:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nPersonal savings (48%)\n<\/li>\n<li>\nBusiness and\/or personal credit cards (34%)\n<\/li>\n<li>\nPaycheck Protection Program loans (33%)\n<\/li>\n<li>\nPersonal economic stimulus checks (23%)\n<\/li>\n<li>\nBusiness lines of credit (20%).\n<\/li>\n<\/ul>\n<p><b>The pandemic\u2019s impact on health and wellness<br \/>\n<br \/><\/b>The coronavirus dealt a heavy blow to entrepreneurs \u2013 impacting not only their business, but personal wellbeing. Business owners acknowledge the pandemic\u2019s effect on their business has impacted their mental (39%) and physical (34%) health, and more than four-in-five (85%) say the pandemic has created extra stress around running their business. However, entrepreneurs are finding healthy, productive ways to cope, including making time to unwind and do activities they enjoy (46%) and prioritizing time with friends and family (40%). When asked how they felt about running their business during the pandemic, 52% of business owners said determined\/resilient, followed by stressed (48%), anxious (43%) and hopeful (38%).\n<\/p>\n<p><b>Commitment to social justice<br \/>\n<br \/><\/b>This past year sparked a greater sense of urgency and action around social justice issues \u2013 with many entrepreneurs evaluating how to address these topics within the context of their businesses. Fifty-three percent say they are committed to advocating for social change through their business and 31% say recent social justice issues have impacted their approach to conducting and running their business. Many entrepreneurs expressed benefits from committing support to social justice issues \u2013 from boosting employee morale, satisfaction and retention (31%), to attracting customers (29%) and talent (24%), and even positively impacting their bottom line (24%). Thirty-six percent say their local communities prioritize shopping at businesses with a clearly demonstrated commitment to social justice.\n<\/p>\n<p>\nFor an in-depth look at the insights of the nation\u2019s small business owners, read the full <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fdam%2Fnewsroom%2Fdocs%2F2021%2F2021%2520SBOR%2520FINAL%2520ADA.pdf&amp;esheet=52427370&amp;newsitemid=20210511005712&amp;lan=en-US&amp;anchor=Bank+of+America+Business+Advantage+2021+Small+Business+Owner+Report&amp;index=2&amp;md5=eafefd84087cfd202910e4aae7038c51\">Bank of America Business Advantage 2021 Small Business Owner Report<\/a>.\n<\/p>\n<p><b>Providing a business advantage to small business owners<br \/>\n<br \/><\/b>Bank of America provides advice, solutions, access to capital and dedicated support to meet the unique needs of our 12 million business owner clients.<b \/>According to the FDIC, Bank of America maintained its position as the nation\u2019s top small business lender at the end of 2020, with $50.3 billion in total outstanding small business loans (defined as business loans in original amounts of $1 million and under). According to the U.S. Small Business Administration, Bank of America has been the largest PPP loan provider in the U.S. by number of approved loans, and has delivered more than $35 billion in PPP loan funds to help more than 485,000 small business clients in need.\n<\/p>\n<p>\nBuilding on the company\u2019s longstanding focus on advancing racial equality and economic opportunity, in June 2020, Bank of America announced a <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Fnewsroom.bankofamerica.com%2Fpress-releases%2Fbank-america-announces-four-year-1-billion-commitment-supporting-economic__%3B%21%21Gajz09w%21Sw0tHm5RjFy4V06z7R26eoPZkn9vzmLJPcIfq9etCgVPE4QT9zAEGFve65rZtrnPx_j1Jyk9kg%24&amp;esheet=52427370&amp;newsitemid=20210511005712&amp;lan=en-US&amp;anchor=%241+billion+commitment&amp;index=3&amp;md5=d885f8152509530966cce7e5e4500365\">$1 billion commitment<\/a> to further advance that work, particularly in communities of color. In March 2021, the company <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Furldefense.com%2Fv3%2F__https%3A%2Fnewsroom.bankofamerica.com%2Fcontent%2Fnewsroom%2Fpress-releases%2F2021%2F03%2Fbank-of-america-increases-commitment-to-advance-racial-equality-.html__%3B%21%21Gajz09w%21Sw0tHm5RjFy4V06z7R26eoPZkn9vzmLJPcIfq9etCgVPE4QT9zAEGFve65rZtrnPx_hc2LbmHw%24&amp;esheet=52427370&amp;newsitemid=20210511005712&amp;lan=en-US&amp;anchor=increased+its+commitment&amp;index=4&amp;md5=de63505b8a1b6d73986d3e4e0ebb62a2\">increased its commitment<\/a> to $1.25 billion over five years. The commitment is focused on creating opportunity in the areas of health and healthcare, jobs\/reskilling, supporting small businesses and affordable housing \u2013 areas with persistent, systemic barriers to opportunity. Bank of America has already allocated $350 million to these four key areas across 91 U.S. markets and globally. In addition, the bank issued a $2 billion Equality Progress Sustainability Bond designed to advance racial equality, economic opportunity and environmental sustainability, the first offering of its kind in the financial services industry.\n<\/p>\n<p><b>Bank of America<br \/>\n<br \/><\/b>Bank of America is one of the world\u2019s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 40 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.\n<\/p>\n<p>\nFor more Bank of America news, including dividend announcements and other important information, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&amp;esheet=52427370&amp;newsitemid=20210511005712&amp;lan=en-US&amp;anchor=Bank+of+America+newsroom&amp;index=5&amp;md5=45c80ae43e8f6c4f48dc5f0865c80808\">Bank of America newsroom<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Falerts&amp;esheet=52427370&amp;newsitemid=20210511005712&amp;lan=en-US&amp;anchor=register+for+news+email+alerts&amp;index=6&amp;md5=ff6a10d641cc55a47a63f3a46b31c18b\">register for news email alerts<\/a>.\n<\/p>\n<p class=\"bwalignc\"><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.bankofamerica.com%2F&amp;esheet=52427370&amp;newsitemid=20210511005712&amp;lan=en-US&amp;anchor=www.bankofamerica.com&amp;index=7&amp;md5=df5d759e7e69a57c463f364313c20905\"><b>www.bankofamerica.com<\/b><\/a><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210511005712r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210511005712\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210511005712\/en\/<\/a><\/span><\/p>\n<p>\nReporters May Contact:<br \/>\n<br \/>Don Vecchiarello, Bank of America, 770.361.2573<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:don.vecchiarello@bofa.com\">don.vecchiarello@bofa.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America North Carolina<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Small Business Banking Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210511005712\/en\/691133\/3\/BAC_logo_%28standard%29.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America Finds 60% of Small Business Owners Expect their Revenue to Increase This Year, a Significant Rebound since Last Fall Optimism among business owners increases as economic confidence bounces back and high levels of concern over the pandemic begin to decline CHARLOTTE, N.C.&#8211;(BUSINESS WIRE)&#8211; According to the Bank of America 2021 Small Business Owner Report, U.S. small business owners have started to regain their footing after an unprecedented year of challenges brought on by the coronavirus. The research, based on a survey of nearly 1,000 small business owners across the country conducted in March, reveals business outlook and economic confidence have bounced back significantly from levels seen in the fall. Over the next 12 months: 60% of business &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bank-of-america-finds-60-of-small-business-owners-expect-their-revenue-to-increase-this-year-a-significant-rebound-since-last-fall\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bank of America Finds 60% of Small Business Owners Expect their Revenue to Increase This Year, a Significant Rebound since Last Fall&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-491344","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank of America Finds 60% of Small Business Owners Expect their Revenue to Increase This Year, a Significant Rebound since Last Fall - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bank-of-america-finds-60-of-small-business-owners-expect-their-revenue-to-increase-this-year-a-significant-rebound-since-last-fall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of America Finds 60% of Small Business Owners Expect their Revenue to Increase This Year, a Significant Rebound since Last Fall - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Bank of America Finds 60% of Small Business Owners Expect their Revenue to Increase This Year, a Significant Rebound since Last Fall Optimism among business owners increases as economic confidence bounces back and high levels of concern over the pandemic begin to decline CHARLOTTE, N.C.&#8211;(BUSINESS WIRE)&#8211; According to the Bank of America 2021 Small Business Owner Report, U.S. small business owners have started to regain their footing after an unprecedented year of challenges brought on by the coronavirus. The research, based on a survey of nearly 1,000 small business owners across the country conducted in March, reveals business outlook and economic confidence have bounced back significantly from levels seen in the fall. 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