While most Boston small business owners who participated in a recent Bank of America survey tapped into various funding sources during the pandemic, just 7 percent used a traditional bank loan.

In both the Boston market and nationwide, accessing personal savings was the most common funding source for survey respondents, according to the Bank of America 2021 Small Business Report. More than half of Boston respondents who needed additional funding, 53 percent, used personal savings to keep their businesses operating, and 48 percent nationwide had to use personal savings.

The survey was conducted online in March using a sample of 995 U.S. small business owners who had been recruited in advance. The report also included additional responses of approximately 250 small business owners in each of 10 markets, including Boston. Survey participants had annual revenue between $100,000 and $5 million.

The survey found that business outlook and economic confidence had rebounded significantly for small business owners compared to the fall. Business owners expected that a widely available vaccine or herd immunity in their local community would help bring their business back to normal, with 86 percent in Boston and 79 percent nationwide expressing optimism about improving conditions.

“Small 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,” Sharon Miller, head of small business at Bank of America, said in a statement. “From 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.”

The survey found that 68 percent of business owners nationwide and 81 percent in Boston tapped into various funding resources during the pandemic to help their businesses survive.

In addition to personal savings, 36 percent of Boston small business owners who sought additional funding turned to friends and family, and 25 percent used personal government economic aid payments. Nationwide, 34 percent used business or personal credit cards to fund business operations, while in Boston 18 percent reported relying on credit cards.

More nationwide respondents, 33 percent, said they used a Paycheck Protection Program loan compared to the Boston market, where 19 percent of small business owners said they obtained a PPP loan.

Traditional loans were not common during the pandemic, with only 7 percent of Boston respondents and 8 percent nationwide saying they used a traditional bank loan during the pandemic.

Nearly 70 percent of Boston small business owners said they faced operational challenges during the pandemic. Having no one to turn to for help or guidance was the top challenge cited by 31 percent. Other challenges for Boston small business owners included operating in a community hit hard by the pandemic, lacking resources and retaining employees.

For those who did seek guidance in the Boston market, 62 percent said they turned to friends and family, 51 percent looked to local community support and 49 percent reached out to online communities. Only 31 percent of respondents in the Boston market said they turned to a small business banker to help them navigate the pandemic, while nationwide only 27 percent sought help from a small business banker.

Almost all small business owners in the Boston market, 91 percent, said the pandemic created extra stress around running their business, with 56 percent of respondents reporting that the pandemic affected their mental health, and 40 percent saying they had physical health effects.