CHERRY HILL, N.J., April 24, 2014 /PRNewswire/ -- TD Bank, America's Most Convenient Bank ®, has announced the results of its inaugural Boston-area Small Business Pulse Check, a regionally focused survey which includes questions on the challenges and opportunities facing small businesses in the Boston metro area. 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 new Small Business Pulse Check polled more than 140 small business owners with revenue of $5 million or less in two Boston counties, Norfolk and Suffolk. Results show that 82 percent of small business owners expect to meet or exceed revenue growth in 2014, but job growth may lag with 80 percent of those surveyed planning to maintain staffing levels next year.
"The TD Bank Small Business Pulse Check really aligns with what we hear from our small business customers across the Greater Boston area," said Mark Crandall, Regional President for TD Bank's Connecticut, Massachusetts and Rhode Island market. "Small business owners are exercising caution right now, but expect to hit their goals. In fact, Boston is in a particularly healthy position based on the strength of the city's financial services and education sectors."
Affordable Care ActSeventy-one percent of small business owners surveyed do not believe the Affordable Care Act (ACA) will impact their business. About three-quarters of Boston-area small business owners reported that they are not required by the Affordable Care Act to provide health insurance to their employees. "Although the extension on implementing some of the Affordable Care Act has likely eased immediate concerns for entrepreneurs, we want small business owners to know that it's not too early to come to our stores, or call their bankers, to talk with us about the implications of the legislation on their business," Crandall said.