New Lendio Survey: Perception of Trump Presidency Split Among Small Businesses
56 Percent of Small Business Owners Believe Economy Will be the Same or Worse at the Close of Trump’s First Term
SILICON SLOPES, Utah – Feb. 14 2017 – Lendio, the nation’s leading marketplace for small business loans, today announced the results of a new survey showing that small business owners’ perception of a Trump presidency is split, with 56 percent of small business owners believing the economy will be worse or the same at the close of Trump’s first term.
The survey of over 330 U.S. small businesses with under 250 employees found that only 27 percent approve of Trump’s performance so far. More specifically, small business owners believe Trump’s recent executive order on business regulations requiring federal agencies to cut two existing regulations for every new one will help their business. According to the survey, 41 percent believe it will help, 28 percent believe it won’t help and 31 percent were neutral.
“Small businesses drive job creation in the U.S., so it was important to get a pulse on owners’ perception of Trump’s presidency so far,” said Brock Blake, founder and CEO of Lendio. “What we found was that despite varying personal perspectives on his performance, not all small business owners have to agree with Trump’s policies to still have a positive outlook on how the new president will impact them.”
Despite the majority having a negative economic outlook, small business owners are still optimistic about the state of their own businesses. Forty percent of small business owners believe the Trump presidency will have a positive impact on their business, 33 percent believe it will have a negative impact, and 27 percent are neutral.
- Under Trump, 37 percent of small business owners believe capital will be easier to access. Of small business owners who voted for Trump, 74 percent think capital will be easier to access, compared to only 10 percent among those who didn’t vote for Trump.
- In the next six months, 62 percent plan to hire additional employees. However, there’s a split between those who supported Trump in the election and those who didn’t. Fifty-three percent of respondents who didn’t vote for Trump plan to hire in the next six months, compared to 71 percent of small business owners who supported Trump.
- Small business owners have growth plans outside of hiring, with 67 percent planning to expand their business. Trump supporters are more likely to expand their business (72 percent) when compared to those who didn’t support Trump (63 percent).
In addition, the survey found that regardless of their opinion of Trump, small business owners believe city/local government has the ability to influence their business more than the federal government or president. According to small business owners, 39 percent believe city/local government will influence their business the most, while 18 percent believe the president will.
To view the full survey results, visit https://www.lendio.com/blog/presidential-survey-summary/.
To learn more about how Lendio can help your small business, visit www.lendio.com.
Lendio is a free online service that helps business owners find the right small business loans within minutes. The center of small business lending, our passion is fueling the American Dream by uniting the small business loan industry and bringing all options together in one place, from short-term specialty financing to long-term low-interest traditional loans. Our technology makes small business lending simple, decreasing the amount of time and effort it takes to secure funding. More information about Lendio is available at www.lendio.com.