During September 2015, 59 small businesses customers who had a small business loan with United Capital Source completed an online survey at Survey Monkey. 91% of respondents were from businesses with less than 20 employees and two-thirds of business respondents had sales of < $500,000 per annum.
The main findings were:
- 73% of respondents rated their knowledge of small business loans as above average.
- ‘Business expansion’ (43%) and ‘Purchase equipment/stock’ (31%) are the main reasons small businesses apply for funding loans.
- 69% of respondents rated their refinance propensity as ‘likely’.
- 52% of respondents requested more information on ‘loan amount qualification’ and 28% on ‘cashflow forecasts’ and ‘FICO scores’.
- "Interest rates will rise in the next 12 to 18 months" was the highest ranked statement by small business owners.