Monthly Polling Results

May 2023

May 31, 2023

SBIQ:54.9
Current Conditions Rating:56.5
Future Expectations Rating:53.8

Washington, D.C. (June 13, 2023) – Today, the Job Creators Network Foundation (JCNF) released its May edition of the Small Business IQ Poll of 400 small business owners. The Small Business Intelligence Quotient (SBIQ), an index tracking overall sentiment about the economy, increased slightly by 0.1 points to 54.9. The margin of error is +/- 4.9 percent.

Elevated inflation is a notable factor weighing on the minds of small business owners. Concern among respondents about rising prices reached a record high in May, following the poll’s launch two years ago. The data suggests that while the mainstream media has largely moved on from covering the topic, small business job creators are left struggling.

Moreover, 57 percent of entrepreneurs are worried that recent banking failures and instability will impact their small businesses. The chain of events involving Silicon Valley Bank, Signature Bank, and First Republic Bank—and the Biden administration’s reaction—triggered a movement of capital from community banks to mega financial institutions. JCNF polling finds 60 percent of small businesses are most likely to access loans through the small banks and credit unions that are being squeezed.

Other key findings include:

  • 64 percent of small business owners are concerned economic conditions could force them to close.
  • 66 percent of small business owners are “very” or “somewhat” concerned about rising interest rates compromising their ability to access lines of credit.
  • 71 percent of small business owners are “very” or “somewhat” concerned about new banking regulations making it more expensive for financial institutions to provide loans.
  • 68 percent of small business owners believe the production and sales of electric vehicles should depend on consumer demand and competition, rather than federal government policies pushing the product.

View more polling details and crosstabs here.

Elaine Parker, President of the Job Creators Network Foundation, released the following statement:

“While the plague of inflation has largely fallen out of the headlines, concern among small business owners about rising prices has hit a two-year peak. Now, pile on banking instability and the threat it poses to accessing credit, and the U.S. small business community is uneasy. To help support these entrepreneurs, Congress should pursue elements of JCN’s American Small Business Prosperity Plan—a policy blueprint that will supercharge Main Street. Passing the Prove It Act would be a good first step. The bill—introduced by Sen. Joni Ernst in May—would help address the federal regulatory burden strangling our country’s small business job creators.”

Poll Results:

Where are you most likely to go if your business wanted to get a financial loan?

Big Bank
22%
Small Bank/Credit Union
60%
Fintech/Online Bank
6%
Unsure
12%

Are You Concerned About How Rising Interest Rates Will Affect Business’ Ability to Access Credit?

Concerned
66%
Not Concerned
32%
Unsure
2%

Consumer Financial Protection Bureau Adding Data Collection Rule on Financial Institutions When Given Small Business Loans. Support/Oppose If It Leads to Higher Compliance Costs?

Support
33%
Oppose
56%
Unsure
11%

How Concerned Are You About New Banking Regulations That Will Make It More Expensive to Give Loans?

Concerned
71%
Not Concerned
25%
Unsure
4%

When it comes to increasing the production and sales of electric vehicles, which comes closer to your own opinion?

Aggressive Regulations
21%
Consumer Demand
68%
Unsure
11%

Do You Support Raising the Federal Debt Ceiling and Returning Spending to 2022 Levels to Slow Increases?

Strongly Support
23%
Somewhat Support
30%
Somewhat Oppose
24%
Strongly Oppose
14%
Unsure
10%