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Survey Shows Improving Economic Outlook for Small Businesses

The National Small Business Association’s (NSBA) recently released 2013 Mid-Year Economic Report shows small business owners have improved their overall economic outlook, with 40 percent saying today’s economy is better off compared with five years ago—the highest it’s been in five years.

“Unfortunately, small-business owners didn’t express that same positive growth when it comes to their own business,” NSBA President and CEO Todd McCracken says. “Past and projected growth in jobs and revenues remained stagnant while small businesses availability to garner financing dropped—two key indicators that go hand-in-hand.”

Today, two-thirds of small businesses (65 percent) report they are able to obtain adequate financing, down from 73 percent six months ago. Despite the significant gains in economic outlook, small businesses continue to cite economic uncertainty as the No. 1 challenge they face, followed by decline in customer spending and cost of health insurance.

The survey also found one in five small-business owners say they have a clear understanding of how the new health care law will effect their firms, while almost half (43 percent) say they have been the subject of an IRS audit or follow-up action in the last 10 years.

“A unique and very disappointing finding from our survey: the No. 1 issue small business wants our elected officials to address isn’t even a policy imperative, it’s for them to end the partisan gridlock and work together,” said NSBA Chair David Ickert of Air Tractor, Inc. in Olney, Texas.

About Amanda Bell

Amanda Bell was an assistant editor of Hardware Retailing and NRHA. Amanda regularly visited with home improvement retailers across the country and attended industry events and seminars. She earned a degree in magazine journalism from Ball State University and has received honors for her work for Hardware Retailing from the Association of Marketing and Communication Professionals.

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