SAN FRANCISCO–(BUSINESS WIRE)–
Bank of America today released its inaugural Small Business Owner Report1, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners across the country. The survey, which includes an oversampling of small business owners across the San Francisco market, uncovered that 52 percent of San Francisco small business owners surveyed are confident their local economy will improve in the next 12 months, versus 42 percent who are confident the national economy will improve during the same period. The report found that San Francisco small business owners are more confident in their local economy than any other market surveyed. Additionally, 65 percent of San Francisco small business owners said that the local economy plays an important role in the success of their business.
Small business owners in San Francisco have a number of specific concerns about the economy’s impact on the success of their business, including health care costs (66 percent), credit availability (64 percent) and recovery of consumer spending (64 percent). Nationally, however, the majority of small business owners found effectiveness of U.S. government leaders to be their top concern (75 percent), while in San Francisco only 56 percent of respondents felt this was an issue, the lowest of all markets surveyed.
“The report reveals a streak of optimism and slightly greater confidence among San Francisco small business owners when compared to the rest of the nation, but a number of economic factors continue to present challenges,” said Martin Richards, San Francisco market president for Bank of America. “Health care costs have been and continue to be the top concern among San Francisco small business owners, adding to concerns about a sustained recovery of consumer spending. Yet, despite the immense pressures they face and sacrifices they make, San Francisco small business owners remain confident about their future.”