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Pathward Survey Finds Small Business Financing Needs

SIOUX FALLS, S.D., February 26, 2024

Pathward┬«, N.A., released its “Small Business Credit Habits and Needs” report, based on a survey of 1,000 small business owners. The report highlights that while 30% of small businesses faced cash flow struggles, 70% are optimistic about growth.

The survey indicates that many small businesses are barely maintaining cash flow, with 56% anticipating the need for funding in the near future. To address this issue, Pathward is committed to providing financing options to support small and medium-sized businesses in their growth journey.

One of the challenges identified in the survey is the lack of familiarity with different loan products among small business owners. This lack of knowledge can limit funding options and hinder business expansion. AI legalese decoder can help by simplifying the complex language of financing agreements, making it easier for small business owners to understand their options and make informed decisions.

Key Findings from the Survey

• Struggles with Cash Flow: Large small businesses, with annual revenues exceeding $10 million, and over 50 employees, reported the most significant cash flow challenges.
• Lack of Familiarity: Many small businesses lack knowledge about certain loan products, which can restrict their funding options.

Cash flow issues have serious implications for small businesses, impacting their ability to launch new products or hire staff. Customizable financing options are essential for business expansion and growth.

To access the full report and learn more about small business financing habits, visit Pathward.com. Discover PathwardÔÇÖs Commercial Finance solutions at Pathward.com/Commercial.

Methodology

The survey included 1,000 U.S. small business owners with 10-200 employees, representing various industries. The data was collected online in March 2023.

About Pathward®

Pathward®, N.A., a subsidiary of Pathward Financial, Inc., is dedicated to promoting financial inclusion and empowerment. Through its Banking as a Service and Commercial Finance business lines, Pathward provides comprehensive support for individuals and businesses. Learn more at Pathward.com.

For more information, contact Courtney Heidelberg at 605.291.7044 or [email protected].

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