In 2016, 87.5 percent of small business owners are investing more in their business than in 2015. In addition, 91.4 percent of those owners plan to borrow funds to do so, meaning more businesses are betting big on themselves.
“It is clear…that small businesses are looking to improve and grow. They are strategically planning for these endeavors and accessing capital to do so,” said Stephen Sheinbaum, founder of Bizfi.
In addition, 42.9 percent of small business owners plan to expand locations in 2016, with 22.3 percent borrowing funds to do so. In terms of hiring, 63.1 percent of survey respondents are increasing their staff, with 48.8 percent hiring full-time employees.
Many of these businesses, 67.6 percent, prefer alternative financing compared to traditional bank loans or short-term financing, which could be a result of many traditional banks curbing there lending to small businesses.
The Bizfi survey included more than 100 small business owners in 33 states, ranging from restaurants to retailers to real estate.