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According to the third-annual
California Bank & Trust Small Business survey, an overwhelming majority of respondents (86%) felt that their business was moving in the right direction with 87% expecting growth over the next year and 65% expecting growth of 5% or more over the next 12 months. Additionally, 63% of respondents expected growth to increase year-over-year. Interestingly, the Los Angeles region is slightly more bullish than the Bay Area and San Diego, with 43% of small business owners expecting a growth rate of more than 10% over the next 12 months compared to 38% in the Bay Area and 26% in the San Diego region.
Tory Nixon, California Bank & Trust, Executive Vice President, Small Business Lending (Photo: Business Wire)
California Bank & Trust fielded its third-annual benchmark survey to gauge the thoughts and opinions of California’s small business owners. More than 680 small business owners throughout the state of California shared their opinions during the survey conducted in April 2014.
California Bank & Trust also surveyed small businesses on current regulatory and environmental conditions and the impact of these circumstances on their business. Nearly two-thirds of respondents (63%) in this year’s survey said the Affordable Care Act has had a neutral or positive impact on their business. In addition, 72% of small businesses said the rise in the minimum wage would have a neutral or positive effect on their business while 59% said the drought would have no affect on their business.
“What our 2014 small business survey illustrates is that many California small businesses are in a unique position to capitalize on growth opportunities and weather larger macroeconomic changes,” said Tory Nixon, Executive Vice President, Small Business Lending, California Bank & Trust. “Small businesses are shrugging off these regulatory changes and environmental concerns and are quite optimistic about the future growth of their business.”