The majority of Boston small business owners are planning on keeping hiring flat, while about a quarter are looking to add employees over the next 12 months, according to a new survey of small businesses by Bank of America.
Bank of America’s semi-annual Small Business Owner Report tracks the perspectives of small business owners across the country. The report found that more than half (57 percent) of the Boston small business owners surveyed anticipate that revenue will increase in 2013, while only 9 percent expect revenue to decline.
However, this optimism is tempered by their views on the economy, with only 35 percent of Boston small business owners confident that their local economy will improve over the next 12 months. Respondents were even less confident in the national (26 percent) and global economies (13 percent) improving in that same period.
The study also shows that the local economy has the greatest impact on Boston-based small business owners. Nearly two-thirds (65 percent) reported that the majority of their customers come from their local community.
"Boston’s economic growth is intrinsically tied to the success and vitality of our small business community," said Anna Colton, Boston-based small business banker national sales executive for Bank of America, in a statement. "Bank of America remains fully committed to supporting small business owners’ financial needs so that both their business and our community can grow."
Boston small business owners see little to no benefit from Black Friday and Cyber Monday. Ninety-four percent of Boston small business owners say that Black Friday has either a minor or no impact on their business’s bottom line, and 84 percent believe Cyber Monday is overhyped and has no significance to their bottom line.
Sixty-six percent of respondents believe they have enough access to capital to run their business effectively, and only 19 percent said that they applied for a business loan over the past year. Despite their optimistic views for growth in the coming year, 77 percent do not intend to apply for a business loan in 2013.
"We have been listening to our small business customers, and know that there is an increasing need for personalized support to help them grow and manage their businesses," Wendell Chestnut, a Boston-based small business banking manager for Bank of America, said in a statement. "That is why we committed to hiring 1,000 small business bankers across the country, with more than 30 working today in Massachusetts. Our bankers are able to offer the local expertise that customers have come to expect from their banking relationship."
Bank of America has continued to actively lend to small businesses across the U.S. and Massachusetts. Through September, Bank of America has extended $613.9 million in credit across Massachusetts to small businesses – this includes $192.0 million in new originations, which has helped enable Bank of America to exceed its national small business lending pledge to the White House and the U.S. Small Business Administration.





