KeyBank Small Business Survey 2024: Insights & Financial Tools for Growth
Many business proprietors might overlook the potential of their bank as a strategic ally, offering more than mere financial services like checking or savings accounts. Often, small businesses' banking partners are deeply vested in their prosperity and community impact, extending their support beyond financial products to offer valuable guidance, particularly during uncertain times. Through fostering a robust relationship with their bank, small business owners can access tailored strategies for managing cash flow, securing credit, and realizing their business objectives.
According to KeyBank's 2024 Small Business Survey, the top three pieces of advice received by owners are: reducing discretionary spending to cut costs (34%), establishing an emergency fund (22%), and diversifying revenue streams through new products or services (20%). This advice is particularly relevant as small business owners navigate cash flow and operational challenges amidst a challenging economic climate.
Encouragingly, over half (52%) of small business owners express confidence that their banks grasp their cash flow concerns. However, nearly 20% remain uncertain about their banks' understanding, indicating an opportunity for banks and business owners to deepen their connections.
Mike Walters, Head of Business Banking at KeyBank, notes, "As inflation concerns persist and interest rates rise, small business owners are seeking guidance to secure their long-term success. KeyBank is committed to providing resources and tools to help them navigate financial uncertainties and enhance business operations."
As a leading Small Business Administration (SBA) lender, KeyBank has extended over $4.5 billion in small business loans and lines of credit. Recently, KeyBank received its 11th consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC) in its latest Community Reinvestment Act (CRA) examination.
KeyBank's dedication to inclusive communities is extensive, spanning various programs, initiatives, and collaborations. It is committed to supporting low-to-moderate-income (LMI) communities and facilitating community investments to provide local businesses with access to capital. In 2023, KeyBank provided $267.7 million in small business lending to LMI communities and, during 2020 and 2021, processed 69,000 loans through the Paycheck Protection Program (PPP), delivering over $11.2 billion in crucial funding to small and mid-size businesses.
Methodology
This online survey was conducted using Survey Monkey. In March 2024, a total of 1,983 respondents, aged 18-99 and residing in the United States, who own or manage a small-to-medium-sized business with an annual gross revenue of less than $10 million, participated in the survey. For more information about KeyBank's offerings and programs for small businesses, please visit key.com/small-business. KeyBank provides various tools, including the KeyBank Small Business Check-In, KeyBank Small Business Financial Review, and the Business Cash Flow Calculator.
According to KeyBank's 2024 Small Business Survey, the top three pieces of advice received by owners are: reducing discretionary spending to cut costs (34%), establishing an emergency fund (22%), and diversifying revenue streams through new products or services (20%). This advice is particularly relevant as small business owners navigate cash flow and operational challenges amidst a challenging economic climate.
Encouragingly, over half (52%) of small business owners express confidence that their banks grasp their cash flow concerns. However, nearly 20% remain uncertain about their banks' understanding, indicating an opportunity for banks and business owners to deepen their connections.
Mike Walters, Head of Business Banking at KeyBank, notes, "As inflation concerns persist and interest rates rise, small business owners are seeking guidance to secure their long-term success. KeyBank is committed to providing resources and tools to help them navigate financial uncertainties and enhance business operations."
As a leading Small Business Administration (SBA) lender, KeyBank has extended over $4.5 billion in small business loans and lines of credit. Recently, KeyBank received its 11th consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC) in its latest Community Reinvestment Act (CRA) examination.
KeyBank's dedication to inclusive communities is extensive, spanning various programs, initiatives, and collaborations. It is committed to supporting low-to-moderate-income (LMI) communities and facilitating community investments to provide local businesses with access to capital. In 2023, KeyBank provided $267.7 million in small business lending to LMI communities and, during 2020 and 2021, processed 69,000 loans through the Paycheck Protection Program (PPP), delivering over $11.2 billion in crucial funding to small and mid-size businesses.
Methodology
This online survey was conducted using Survey Monkey. In March 2024, a total of 1,983 respondents, aged 18-99 and residing in the United States, who own or manage a small-to-medium-sized business with an annual gross revenue of less than $10 million, participated in the survey. For more information about KeyBank's offerings and programs for small businesses, please visit key.com/small-business. KeyBank provides various tools, including the KeyBank Small Business Check-In, KeyBank Small Business Financial Review, and the Business Cash Flow Calculator.
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