What Small Business Want… and Don’t Want
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A new survey from the personal-finance website WalletHub found that nearly 2 in 5 small business owners say the recent Small Business Week occasion helps their business. In addition to its new Small Business Owner Survey, WalletHub today announced its editors’ selections for the best business credit cards and best business bank accounts of 2023 to help small business owners find savings on key financial products.
Key Findings:
- Crippling Interest Rates: 63% of small business owners say high interest rates are hurting their business.
- Inflation Challenges: 75% of small business owners say inflation has made it more difficult to run their business.
- Low Tax Importance: Nearly 2 in 5 small business owners say low taxes are the most important factor for small business success.
- Unfair Card Terms: 58% of small business owners think it’s unfair that small business credit cards offer worse terms than consumer credit cards.
- Personal Card Reliance: More than 3 in 4 small business owners say they’ve used a personal credit card for business expenses.
- Crypto Resistance: 49% of small business owners are not in favor of accepting payments in cryptocurrency.
- Best Business Credit Card: Capital One Spark Cash Plus is the best business credit card overall because it offers an initial bonus of up to $1,000 and gives 2% cash back on all purchases.
- Best Business Bank Account: Live Oak Bank Business Savings Account is WalletHub’s Best Business Bank Account of 2023 because it has a 4% APY.
See the full results of WalletHub’s Small Business Owner Survey.
