2022 Small Business Survey of Financial Institutions

Once again, we decided to start the year with a survey (986 respondents) of small businesses to find out more about their needs in terms of funding and support.

This year, we focused on what small businesses expect from their financial institutions. Here is what we found:

• Finding funding was their #1 challenge this past year, followed by client acquisition. Currently, they first turn to generic search engines like Google, or their financial institutions, to find business funding.
• That said, only 18% of respondents considered that their financial institution “absolutely” added value to their business. While low fees were what the small businesses we surveyed value the most in a financial institution, working with knowledgeable advisors was also a very important factor for them.
• Besides, an overwhelming majority of respondents (96%) viewed their financial institution as a one-stop destination for government and private funding or would like to view them as such. In fact, 97% would find it helpful if their financial institution identified relevant government funding for them and gave them a more complete funding experience.
• We also found that 95% of respondents would consider switching financial institutions for a more complete funding experience that includes funding options beyond lending products typically offered by financial institutions.

Download the survey infographic  

View the results from last year’s survey here.