• Sunday, 18 August 2019

Business Owners Overwhelmingly Agree a Recession Is Coming, Nav Survey Finds

SALT LAKE CITY: 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.

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Business Owners Overwhelmingly Agree a Recession Is Coming, Nav Survey Finds

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