dearJulius.com

$hide=home

Small-business owners are preparing for a recession, survey finds

Small-business owners around the country are preparing for a recession, according to a new survey by Bank of America, and the bank wants to put more business specialists in branches to help, an executive told Reuters.


By Imani Moise, Reuters

Small-business owners around the country are preparing for a recession, according to a new survey by Bank of America, and the bank wants to put more business specialists in branches to help, an executive told Reuters.

More than two-thirds of business owners surveyed by the bank said they had taken steps to prepare for an economic downturn, including setting cash aside or planning to reduce expenses.

Of the 69 percent of owners who had started preparing for a recession, only 19 percent had opened a line of credit, a figure that Bank of America's head of small business Sharon Miller said was too low.

"When you need a line of credit, you often can't get one," she said in an interview. "Business owners should be thinking about that now."

There was less optimism about the U.S. economy than last year, the survey showed. Forty-eight percent of business owners felt the national economy would improve over the next year, down from 55 percent last fall. Concerns about healthcare costs and the impact of trade wars contributed to declining sentiment.

The Charlotte-based bank was looking to grow its unit that caters to businesses with fewer than 100 employees and less than $5 million in revenue by putting small business specialists in each of Bank of America's financial centers, Miller said.

Bank of America currently employs about 2,300 business specialists and has about 4,300 branches.

Earlier this month, the second-largest bank by assets announced plans to expand its branch and ATM network to cover more than 90 percent of the U.S. population by 2021.

COMMENTS



|Featured Content_$type=three$c=3$l=0$m=0$s=hide$rm=0


Made with in NYC
Name

Bills to Pay,37,Bitcoin,1,Companies,3,Cryptocurrency,1,Entrepreneurship,1,Featured,10,Features,8,Insurance,6,Investing,18,Markets,14,Money,1,Personal Finance,183,Real Estate,77,Retirement,16,Save Money,5,Small Business,169,Taxes,10,Top Stocks,2,
ltr
item
Finance Magazine: Small-business owners are preparing for a recession, survey finds
Small-business owners are preparing for a recession, survey finds
Small-business owners around the country are preparing for a recession, according to a new survey by Bank of America, and the bank wants to put more business specialists in branches to help, an executive told Reuters.
https://2.bp.blogspot.com/-avcEfl-7fJE/XNA4iX3PXxI/AAAAAAAAh9Q/nWTpp-qfq8UbJ1RXHH1ORg_mGOacArrogCLcBGAs/s1600/Small-business%2Bowners%2Bare%2Bpreparing%2Bfor%2Ba%2Brecession%252C%2Bsurvey%2Bfinds.jpg
https://2.bp.blogspot.com/-avcEfl-7fJE/XNA4iX3PXxI/AAAAAAAAh9Q/nWTpp-qfq8UbJ1RXHH1ORg_mGOacArrogCLcBGAs/s72-c/Small-business%2Bowners%2Bare%2Bpreparing%2Bfor%2Ba%2Brecession%252C%2Bsurvey%2Bfinds.jpg
Finance Magazine
https://finance.dearjulius.com/2019/05/small-business-owners-are-preparing-for-a-recession-survey-finds.html
https://finance.dearjulius.com/
https://finance.dearjulius.com/
https://finance.dearjulius.com/2019/05/small-business-owners-are-preparing-for-a-recession-survey-finds.html
true
2765933497744639011
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy