SmartBiz Bank℠ Unveils Inaugural ‘State of Small Business: Industry Pulse’ Report in Honor of National Small Business Week
In a decisive step to elevate the voices of entrepreneurs across the country, SmartBiz Bank, N.A., a nationally recognized leader in small business lending, has released the results of its first-ever “State of Small Business: Industry Pulse” report. Timed with National Small Business Week, the release underscores the pivotal role that small businesses play in fueling local economies, creating jobs, and sustaining innovation. The report offers a timely and comprehensive look into the evolving challenges, priorities, and aspirations of small business owners throughout the United States.
For over 15 years, SmartBiz Bank has worked hand-in-hand with entrepreneurs, helping them access the capital needed to grow and sustain their businesses. Now operating in its enhanced capacity as a bank, the company continues to deepen its commitment to supporting small enterprises, particularly amid today’s uncertain economic climate. This report represents a major step forward in that effort, providing original data collected from business owners across a diverse range of industries, from healthcare and retail to construction and professional services.
Why the Report Matters Now
The economic landscape in 2025 continues to be defined by volatility, inflationary pressures, and cautious optimism. Against this backdrop, SmartBiz Bank recognized the need to listen closely to the concerns of its customers. By launching the Industry Pulse survey, the bank sought to surface actionable insights about the financial habits, concerns, and needs of small businesses navigating this complex environment.
Evan Singer, CEO of SmartBiz Bank, emphasized the significance of the report’s findings:
“Small businesses are feeling immense pressure as they navigate this period of uncertainty and market volatility. With 15 years under our belt working closely with small businesses, and now in our evolved position as a bank, we knew gathering their perspectives and insights was critical. The findings from the survey will help inform two key things: first, our priorities as we continue to support small businesses, now in a greater capacity, and second, creating broader awareness about both the general and immediate concerns of small business owners.”
Survey Scope and Methodology
The data for the report was collected between March 6 and April 13, 2025, from a survey of more than 200 small business owners who are current customers of SmartBiz Bank. These businesses span various industries and stages of growth, providing a well-rounded snapshot of the U.S. small business sector today.
Among the respondents:
- 86% have between 1 to 5 employees, characterizing the truly small and often overlooked segment of the business community.
- 85% have been in business for more than three years, indicating a level of operational stability.
- Nearly 40% have been in operation for over a decade, reflecting deep-rooted entrepreneurial experience.
- Around 50% reported earning $100,000 or more in annual revenue.
These demographics reflect a broad cross-section of the American small business ecosystem, and their voices lend credibility and weight to the findings presented.
Key Findings: The Voice of Today’s Entrepreneur
The Industry Pulse report surfaces a range of notable trends and sentiments among small business owners—many of which challenge conventional wisdom about how these businesses operate and what they prioritize when choosing financial partners.
1. Trust in Traditional Banking Is Strong
Despite the growing influence of fintech companies and digital banking alternatives, traditional banks continue to command the trust of small business owners. The survey found that a majority of respondents still prefer traditional banks for their business financial needs.
In fact, nearly 40% of those surveyed have remained loyal to their primary banking partner for seven years or more. This enduring trust signals that while innovation in financial services is welcomed, long-standing relationships, personalized service, and a sense of institutional stability remain highly valued.
2. Fees and Rates Matter More Than Ever
When evaluating banking options, small business owners reported that low fees and competitive rates are among the most important deciding factors—regardless of whether they are currently seeking a loan or simply managing operational finances.
This insight suggests that cost-effectiveness is a central concern, especially in an environment where margins are tight and cash flow must be closely managed. Small businesses are clearly looking for more than just funding; they want cost transparency and practical value from their financial partners.
3. Simplicity and Technology Drive Banking Preferences
In terms of functionality, today’s small business owners overwhelmingly prioritize ease of use in their banking platforms. Specifically, the survey highlighted that easy online and mobile banking access was the most critical feature for a business banking account. Coming in a close second were low or no fees for essential transactions such as ACH transfers, wire payments, and account transfers.
This preference reflects a broader digital transformation taking place in the small business community. With limited time and resources, entrepreneurs are demanding simple, efficient tools that enable them to manage their finances on the go—without needing to engage in complex or time-consuming processes.
Implications for the Financial Services Industry
The findings of the “Industry Pulse” report offer several takeaways not only for SmartBiz Bank, but also for the broader financial services ecosystem:
- Personal relationships and institutional trust are still key differentiators for traditional banks.
- Digital tools and seamless interfaces are no longer optional—they’re expected.
- Banks that combine affordability, accessibility, and personalized service will be best positioned to serve the evolving needs of small businesses.
Furthermore, the report serves as a wake-up call for financial institutions that have not yet aligned their offerings with the expectations of modern small businesses. With an increasing number of entrepreneurs demanding both convenience and care from their financial partners, the time to adapt is now.
SmartBiz Bank’s Continued Commitment
By publishing this report, SmartBiz Bank is doing more than just highlighting data—it is demonstrating a clear commitment to action. The bank has made it clear that these insights will shape its ongoing strategy, product development, and customer support initiatives.
Whether through tailored loan products, intuitive banking technology, or educational resources, SmartBiz Bank aims to remain a steadfast ally for entrepreneurs in every stage of their journey.
To view or download the full “State of Small Business: Industry Pulse” report, visit:
👉 https://info.smartbizloans.com/industry-pulse
