Bank of America Survey Finds 70 Percent of Chicago Small Business Owners Plan to Grow Their Business

CHICAGO--(BUSINESS WIRE)--

Chicago small business owners are optimistic about their ability to grow their own businesses, according to the spring 2015 Bank of America Small Business Owner Report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners in the Chicago area and around the country. Seventy percent of Chicago small business owners plan to grow their business over the next five years (up 11 percent from a year ago), and 64 percent expect their revenue to increase in the year ahead (up from 59 percent one year ago).

Chicagoland entrepreneurs are more confident than counterparts in other parts of the country when it comes to local, national and global economies. According to the survey, 56 percent of Chicago small business owners are assured that their local economy will improve in the next 12 months (49 percent nationally), 58 percent are positive about the national economy (48 percent nationally) and 46 percent are optimistic about the global economy (35 percent nationally).

More Chicagoland small business owners feel they have recovered from, or were never impacted by, the Great Recession than any other market surveyed (40 percent compared to 33 percent nationally).

Issues that plagued them in the past are of less concern today. Chicago small business owners are significantly less concerned about the following issues than they were six months ago:

• Health care costs (69 percent versus 73 percent).
• The effectiveness of U.S. government leaders (60 percent versus 70 percent).
• The strength of the U.S. dollar (47 percent versus 72 percent).

"It's great to see how confident Chicago small business owners feel about their business and the economy," said Jim Holmes, small business banker manager for Bank of America. "Bank of America is committed to fostering the optimism that local Chicago entrepreneurs show by providing them with the tools and resources they need to help grow their businesses."

Chicago entrepreneurs support employees but encounter challenges in hiring

Almost all (96 percent) Chicago small business owners have employee appreciation programs, including:

• Dinners and outings (53 percent).
• Office recognition (44 percent).
• Spot bonuses (40 percent).

They also provide a number of benefits for employees, including:

• Flexible hours (54 percent).
• Closure on major holidays (51 percent).
• Salary bonuses (50 percent).

When looking at staffing, 51 percent of Chicago entrepreneurs say they expect to hire more employees this year, with 39 percent planning to keep the same number of employees. Though the majority plan to hire, 42 percent of Chicago small business owners say it's difficult to find qualified candidates. The top challenges in finding qualified staff are attributed to:

• A skills gap (57 percent).
• High salary demands (39 percent).
• A preference among potential employees to work for a large or mid-size brand (38 percent).

Local community and small business owners shop close to home

Chicago small business owners overwhelmingly support other local small businesses in the community by shopping small. Seventy-two percent of Chicago small business owners gave themselves an "A" or "B" grade for shopping at other local small businesses, which is nine points higher than the national average. They also rate their local community high in shopping small, as 66 percent handed out an "A" or "B" grade when assessing how well Chicago residents frequent local small businesses.

For an in-depth look at the attributes of the nation's small business owners, read the full spring 2015 Bank of America Small Business Owner Report, and for additional Chicago-based insights, download the Small Business Owner Report Chicago infographic here.

About the Bank of America Small Business Owner Report
Braun Research conducted the Bank of America Small Business Owner Report survey by phone, from March 4, 2015, through March 27, 2015, on behalf of Bank of America. Braun contacted a nationally-representative sample of 1,000 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees. In addition, 300 small business owners were also surveyed in each of nine target markets: Los Angeles, Dallas, Washington, D.C., New York, Boston, Chicago, San Francisco, Atlanta and Miami. The margin of error for the national sample is +/- 3.1 percent; the margin of error for the oversampled markets is +/ 5.7 percent, reported at a 95 percent confidence level.

The Braun Research survey results conducted on behalf of Bank of America and interpretations in this release are not intended, nor implied, to be a substitute for the professional advice received from a qualified accountant, attorney or financial advisor. Always seek the advice of an accountant, attorney or financial advisor with any questions you may have regarding the decisions you undertake as a result of reviewing the information contained herein. Nothing in this report should be construed as either advice or legal opinion.

Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 48 million consumer and small business relationships with approximately 4,800 retail financial centers and approximately 15,900 ATMs and award-winning online banking with 31 million active users and approximately 17 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock BAC is listed on the New York Stock Exchange.

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