Buying and leasing new equipment and taking on new debt are two decisions small business owners are sitting on until they see sustained signs that the economy is recovering.
According to a Raddon Financial Group survey of 1,200 small business owners, 47% said they had postponed equipment leases and purchases while 41% were cautious about taking on new debt. Thirty-nine percent said they have put off hiring new employees, 24% are not expanding their facilities and 19% have opted not to buy real estate.
Credit unions and other financial institutions that offer online banking, bill payment and credit cards to small business owners have an edge over those that do not. These were the top three requested offerings, the Raddon survey revealed. Business loans came in fourth place. Payroll services were the least requested item.
Business package accounts attracted the most interest with more than $2 million in annual sales, according to Raddon.