SALT LAKE CITY, Jan. 30, 2019 /PRNewswire/ -- Today, Nav, a free site and app for small business owners to access their business credit scores and get matched to financing options, released the results of a new survey finding that the majority of American business owners believe the United States' economy is headed for a recession and are taking immediate steps to prepare their business.
The nationwide survey of 120 small business owners, which was conducted from January 5 to 20, 2019, via online polling methods, found 70% of small business owners believe the U.S. economy is headed for a recession. Of those who stated a recession will occur:
- Nearly half (48%) believe a recession will happen between six months and year from now
- 19% think a recession will happen in 2020
- 17% declared they were not exactly sure when it would happen, although they do believe it will take place
As for why small business owners believe a recession was imminent, small business owners cited the two biggest reasons as the "government shutdown" (25%) and "higher interest rates" (23%).
To prepare for a recession, the majority of respondents stated they were either cutting costs (38%) or pursuing financing options (22%); 19% admitted they were not currently doing anything to prepare.
"Small business owners often feel the pain of a recession before larger companies or the economy as a whole," shared Levi King, Nav CEO and Co-Founder. "Even in good times, business owners struggle to access affordable capital and this pain point is exacerbated during difficult economic periods. It is vital that business owners understand their business' financial health and take proactive measures to weather the storm."
Complete survey results are available in Nav's latest blog post.
Business owners looking for financing options, including loans and business credit cards, can visit the largest online financing marketplace for SMBs at Nav.com.
More than 400,000 small business owners use Nav to get more funding, lower their costs and save time so they can create the business of their dreams. It gives free access to business credit scores, cash-flow analysis, and tools to help build business credit. Nav's online marketplace offers more than 100 financing products, including loans and credit cards, and uses a lender-neutral algorithm to help business owners find the best financing options for their needs before they apply. The company has offices in Silicon Valley and Salt Lake City. For more information visit: nav.com.