LAS VEGAS – Nevada State Bank’s annual survey of small businesses in Nevada reveals increased confidence in Nevada’s economy and more positive expectations for the future, with optimism increasing from last year’s survey.
The bank’s recent survey of more than 400 small business owners, operators and managers throughout the state found that two-thirds of respondents said they think Nevada’s economy is headed in the right direction, an improvement over last year. In addition, about 40 percent of all respondents feel the business environment in Nevada has improved over the past year, up from 35 percent last year.
Only about two in 10 small businesses report that their profitability has decreased in the last year, while the rest are largely split between flat and increased profits.
“Small businesses represent a large portion of our state’s economy, in addition to the success of our bank,” said Terry Shirey, president and COO of Nevada State Bank. “It’s important for us to understand our customer base and the issues that concern them. This research continues to be a valuable tool for us and all Nevadans.”
While this year’s results are encouraging, Nevada small businesses continue to face many challenges. When asked “what is the single most important challenge you face as a small business today?,” government regulation was singled out as their biggest concern, with hiring and retaining quality employees, financial stability/cash flow and attracting new customers close behind.
With employment continuing to be a key issue, survey results showed about 70 percent of small businesses are planning to keep their employee base the same over the next 12 months. Notably, businesses expecting to add employees outnumbered those expecting to cut employees by about three to one.
In questions regarding financing, nearly 80 percent of those surveyed believe that it is difficult for a small business to get credit from a bank, similar to last year’s response. However, those who believe it is very difficult decreased from 46.4 percent to 35.6 percent. Nearly 66 percent of this year’s respondents have applied for a loan, credit line or other type of financing in the past year. Almost two-thirds of those were approved for the full amount. This is up from 46.2 percent in last year’s survey.
Nevada State Bank, working with Las Vegas-based research firm Applied Analysis, surveyed businesses throughout the state that generate annual revenues between $500,000 and $5.5 million.
For a copy of Nevada State Bank’s 2015 Small Business Survey, please visit www.NevadaSmallBusiness.com/survey.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, with assets of more than $4.0 billion, is the largest state-chartered bank in Nevada. A full-service bank with 50 branches statewide, Nevada State Bank offers a complete range of consumer, private and business banking services. It is a subsidiary of Salt Lake City-based Zions Bancorporation (Nasdaq: ZION), one of the nation’s premier financial services companies. With affiliates in 10 Western and Southwestern states, 140-year-old Zions Bancorporation has assets of $56 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.