National Business Capital / EGC Survey Finds Business Owners Hoping to Grow in 2023, Despite Looming Recession Fears
Industry: Financial Services
47% believe that inflation and rising prices will most impact their businesses in 2023 / 56% plan to seek outside investment and business loans to fund their growth plans / 30% believe they will survive a recession, as COVID confirmed their company’s resilience
Long Island, NY (PRUnderground) October 17th, 2022
National Business Capital, the leading FinTech marketplace offering competitive, best-fit, financing solutions to entrepreneurs, announced today findings from a poll they conducted of over 250 U.S. business owners asking them about their prospects for 2023.
The survey was run in partnership with the company’s marketing agency, The EGC Group.
At a time when retailers are finally bouncing back from the pandemic, the market continues to serve up challenges including rising interest rates, inflation, and signs of stalling economic growth.
Despite new economic factors, a third (33%) revealed that they were sticking with existing plans to expand their businesses. Nearly a quarter (24%) reported that they’re actually planning new investments as a growth hedge against what the economy is doing.
“We’re pleasantly surprised to see how bullish business owners remain despite the economic forecast,” said Joe Camberato, CEO and Founder of National Business Capital. “Owners appear willing to invest in their businesses and take advantage of new tools available to them to grow the enterprise.”
With interest rates rising and banks tightening their lending practices, entrepreneurs and business owners may need to look elsewhere for capital. More than a quarter (28%) of survey respondents report banks have gotten more selective and one-in-five (20%) claim the bank experience has gotten too impersonal with their borrowing fate left in the hands of a mathematical algorithm. Almost a third (31%) say they would rather work with a funding resource that “gets” their mission and wants to learn about their growth plans.
While 38% said securing funds from banks was too difficult right now, 32% felt this is the right time to invest in their companies with 24% would explore alternative funding options within the next 6-months.
“The survey respondents reflect the same sentiments we’re hearing from our customers,” reports Camberato. “They want to invest in their businesses and they are looking for the right loans for the goals they want to achieve. Fortunately, a resource like National Business is here, ready to listen.”
For more information about National Business Capital and ways it can help your business grow, visit: https://www.NationalBusinessCapital.com
About National Business Capital
The limits of success should never be defined by the lack of capital. Yet, in a constantly changing financing market, many entrepreneurs struggle to access the capital they depend on to fuel growth and find success. That’s why in 2007, Joe Camberato set out to create a company that lets entrepreneurs reimagine how they access capital.
With National Business Capital, experience a business lending marketplace built for entrepreneurs, by entrepreneurs.
Discover a time-saving machine that takes approval from months to hours, letting you spend less time chasing capital and more time building your business. Leverage a network of over 75 lending partners to find the right approval for your business and secure capital without compromise. Do it all from an intuitive online platform that centralizes your business lending needs for simpler, streamlined management.
Working with NBC, gain a financing partner for the future, ensuring your business can always access the capital it needs to succeed today and tomorrow.
$2+ Billion Funded. Grow to Greatness.
