Long Island small business experts came together on April 3 to talk economy, growth and the findings from a small business survey from Bethpage Federal Credit Union.
The panel discussion, which took place at the Long Island Association headquarters in Melville, N.Y., included representatives from several area organizations and from about 50 local businesses.
The talks focused on small businesses’ increased optimism about local and national economies, their reported better financial health, and other key findings revealed by owners and executives on Long Island, who participated in a telephone study sponsored by the $5 billion Bethpage Federal Credit Union in Bethpage, N.Y.
The credit union released the survey’s results in March. The Stony Brook University Center for Survey Research conducted the survey, collecting data from 603 small businesses with annual revenues up to $10 million.
Among the findings from Bethpage FCU’s survey, 27% rated the national economy as very or fairly good, up from less than 10% in 2012. Nearly a third (32%) rated the Long Island economy as very or fairly good, up from 19%.
Fifty percent of executives surveyed said they were very or somewhat optimistic about Long Island economic business conditions over the next 12 months, which was a substantial increase from 37% who reported last year, according to Bethpage FCU. As a result, 64% of business executives rated their current financial status as positive, up from 52% last year.