When we initially surveyed Nevada small business owners in January 2020 for our seventh annual Small Business Survey, businesses in Nevada were confident and saw potential in the next 12 months. While that outlook has been blurred by the impact of COVID-19, some data still holds true. Nevada continues to diversify and grow with major economic development, such as Switch data centers, professional sports facilities, and medical center expansions; the small businesses that support, serve and surround them grow, too.

While the survey told us that more than 93 percent of the respondents felt their banking relationship is important to the success of their business, we want to be sure to earn their trust, their confidence, and their business. This is especially true during challenges such as the one we are dealing with today. Nevada State Bank believes in building relationships and providing our clients with the right tools and services they need for their financial health. We believe it matters who you bank with.

The 2020 Nevada State Bank Small Business Survey report is available as a free download. Just click the button below or the image to the right.

download-survey-blue

 

 

Highlights of this year’s survey include:

  • More than 76% of respondents believed the national economy is heading in the right direction, an increase of 5.4 percentage points from 2019.
  • Challenges and concerns around hiring and retaining employees spiked this year and broke into the top three concerns for small businesses.
  • Just over half of respondents saw increases in their business revenues or sales over the past 12 months.
  • Less than 50 percent of respondents felt it was difficult to obtain financing, and 75 percent of those that had applied for financing reported getting approved for partial or complete funding.

So while the health issue is an immediate concern, we will continue to serve our state and provide resources for our business communities.  To learn more about how we can help your company open the door to a bright future, drop by any branch, visit us online at nsbank.com/business, or call us at 855-580-NVSB.

 

 

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC

Click on an image below to view previous Nevada State Bank Small Business Surveys:

2019 Survey Screenshot  2018 Survey Screenshot  2017 Survey Screenshot  2016 Survey Screenshot  2013 Survey Screenshot  2013 Survey Screenshot