Inaugural TD Bank Small Business Pulse Check Finds New York City Region Expects Growth in 2014 Business owners met goals in 2013, but plan to keep staffing levels the same for the next year.
CHERRY HILL, N.J., Feb. 10, 2014 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, has announced the results of its inaugural New York City Small Business Pulse Check, a regionally focused survey which includes questions on the challenges and opportunities facing small businesses in the five boroughs. TD asked small business owners about business goals, hiring plans, expected impact of the Affordable Care Act, and the influence of the economy on their business.
The TD Bank Small Business Pulse Check polled 500 small business owners with revenue of $5 million or less in Staten Island, Queens, Manhattan, Brooklyn and the Bronx. Results show that 44 percent of local small business owners expect to see revenue growth in 2014, but hiring optimism is lagging with 61 percent of those surveyed planning to maintain staffing levels next year.
"The five boroughs are each unique and great places in which to do business. The TD Bank Small Business Pulse Check found that despite the individuality across the boroughs, small business owners in
Affordable Care Act
More than half of small business owners surveyed (55 percent) do not believe the Affordable Care Act (ACA) will impact their business. Of the nearly one-quarter who anticipate a negative impact from the legislation, most are concerned about rising costs. Thirteen percent of respondents indicated that the health care reform would reduce healthcare access and choice.
Twenty-one percent of area business owners anticipate a positive impact from health care reform, with the ability to get insurance or offer insurance to employees being singled out as benefits of the ACA.
Small business owners in Staten Island and Manhattan felt more strongly that there would be no impact (59 percent) from ACA, compared with the Bronx (46 percent), which felt most strongly of the boroughs that there would be a negative impact.
"We want small business owners to know they can come to our stores, or call their banker, and talk with us about the implications the Affordable Care Act could have on their business," continued Giamo.
Impact of the
In Queens, 62 percent of small business owners reported a negative impact, compared with 53 percent in Manhattan, 57 percent in Staten Island, 56 percent in the Bronx and 54 percent in Brooklyn.
"Across the boroughs, our small business owners are feeling the effects of the economy," said Giamo. "We're committed to being a partner for them as they navigate the recovery."
Other Key Facts:
- For just less than half of small business owners across the boroughs economic uncertainty, increased cost of doing business and competitive pressures are the top of mind concerns for 2014.
- Approximately 36 percent of small business owners surveyed report revenue of $100,000 or less; 57 percent of those owners are sole proprietors.
- Nineteen percent of small business owners in the Bronx have applied for credit or a loan in the last 12 months, compared with 8 percent in Brooklyn and Queens, 9 percent in Manhattan and 12 percent in Staten Island.
- Nearly all owners across all five boroughs reported using a checking account for business, including 100 percent of Manhattan business owners.
TD Bank Small Business ranks highest in J.D. Powers' Small Business Customer Satisfaction Northeast survey, and was recently named as Money Magazine's "Best Big Bank in America" for 2013.
The study was conducted among a representative group of small business owners from the five New York City boroughs between November and December 2013. Included were small businesses of $5 million or less in revenue, and 100 employees or less. The sample size of 700 includes a population of 200 Hispanic small business owners. The survey was hosted by global research company ORC International.
About ORC International
ORC International is a leading global market research firm uniquely able to integrate our people, methods, technology and insights to address our clients' strategic issues, challenges and opportunities.
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
SOURCE TD Bank