San Francisco, CA – April 25, 2018 – Today Square released a Small Business Summary that sheds light on the daily struggles of small business owners across the United States. The findings illuminate a unique entrepreneurial spirit among small business owners, who are inspired by their local communities and optimistic about the next five years, despite the daily challenges they face. Motivated to be their own boss, even with concerns about cash flow or lack of health insurance, small business owners remain resilient and driven to succeed.
“We have found that small businesses want to operate in the communities they love, therefore it is essential that we meet these businesses where they are,” said Jackie Reses, Head of Square Capital. “By investing in small businesses and giving them the tools they need to grow, we can help them fuel the long term success of their neighborhood economies.”
- 72% of small business owners agree that they face more challenges today than 5 years ago; however 65% of small business owners feel confident that they are going to meet their 5 year goal.
- 58% of small business owners say increased competition from big corporations has motivated them to adapt for the better.
- 49% of small business owners say cash flow concerns keep them up at night.
- 94% of small businesses believe access to financing through Square Capital has helped their business contribute to their local economy.
During National Small Business Week and all year round, Square supports the dreams of small business owners across the country, providing access to the tools they need to grow their businesses. For Square’s complete Small Business Summary results, visit squareup.com/heart-and-hustle. Small business owners can find a wealth of information and resources on how to start, run, and grow their business on Square’s Town Square Blog.
Heart & Hustle statistics are based on a November 2017 survey of 1,000 U.S. small business owners, conducted by Square, Inc., and Square seller payment processing data between 2012 and 2017. Actual results from processing payments through Square may vary. Square Capital statistics are based on an April 2018 survey of 6,397 respondents who have accepted a loan through Square Capital. Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY.
About Square, Inc.
Square, Inc. (NYSE:SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. Square’s point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financing; engage customers; and grow sales. The Cash App is an easy way for businesses and individuals to send and receive money, and Caviar is a food ordering service for popular restaurants. Square was founded in 2009 and is headquartered in San Francisco, with offices in the United States, Canada, Japan, Australia, Ireland, and the UK.