LAS VEGAS–(BUSINESS WIRE)–Nevada State Financial institution has launched the outcomes of its eighth annual survey of small enterprise house owners and managers all through Nevada. The survey displays the hardship brought on by COVID-19 and associated responses, but additionally the hopeful perspective on financial restoration in the course of the subsequent 18 months.
“It has been fairly a yr since our final survey, and we had been inspired to see some optimism balancing the influence of the worldwide pandemic on the state’s small companies,” stated Terry Shirey, president and CEO of Nevada State Financial institution. “Even with the financial system on high of the listing of considerations, we see that Nevada companies anticipate to return to pre-COVID ranges in a median of 1.eight years, whereas they anticipate the U.S. financial system to take a median of three years—I see optimism about our state’s restoration there.”
The financial institution’s annual survey, carried out by Utilized Evaluation, requested questions concerning the financial system, enterprise surroundings, income and profitability, employment, group involvement, and the general outlook for small companies in Nevada. Highlights of this yr’s survey embody:
- For the primary time in eight years, the financial system was the No. 1 concern for small enterprise house owners. Authorities regulation got here in second, with healthcare prices and enterprise taxes tied for third.
- Practically 1 in three small companies (32.5%) reported that they consider the nationwide financial system is on target, a drop of 44.5 share factors from the prior yr’s survey.
- Solely about 1 in four respondents point out they consider Nevada’s enterprise surroundings has gotten higher or stayed the identical over the previous yr, reversing historic perceptions.
- Practically half of respondents consider Nevada’s enterprise surroundings will get higher within the upcoming yr, and about three in four respondents indicated they plan to have about the identical variety of employees working remotely as they do at this time.
- Practically three in four small enterprise respondents (70.eight%) utilized for a Paycheck Safety Program (PPP) mortgage, a reduction program caused by the CARES Act. Of those that utilized, practically all had been profitable in acquiring a PPP mortgage, which a majority (94.four%) stated helped their enterprise to have the ability to retain their staff in 2020. Because of its success, over 2 in 5 small enterprise respondents (43%) plan to or have utilized for the brand new spherical of PPP loans in 2021.
- Practically one-third of small enterprise respondents (29%) are very involved about housing affordability, with one other 30.eight% citing reasonable concern. The affordability of workforce housing may worsen in 2021, as 50% of respondents additionally consider rates of interest will rise this yr.
- For the sixth yr, survey respondents cited issue recruiting high quality job candidates as a significant concern. Practically three in four small enterprise respondents (73.eight%) famous that it was “considerably to very troublesome” to recruit high quality job candidates in Nevada from inside the market. Practically 2 in 5 respondents (39%) famous that it was “very troublesome” to recruit high quality job candidates.
The statewide survey by native agency Utilized Evaluation was carried out throughout January on behalf of Nevada State Financial institution. To make sure it’s statistically vital, the financial institution surveyed greater than 400 randomly chosen small enterprise choice makers, together with house owners, operators, and executives representing Nevada companies with annual gross sales starting from $250,000 to $10 million.
“Small companies in Nevada have been probably the most correct at telling us the place the financial system goes to go, and if I’ll use one phrase to explain how small companies are feeling this yr, it is pensive,” stated Jeremy Aguero, principal analyst with Utilized Evaluation. “They acknowledge the difficulties of 2020 and need to the longer term. Considerations about authorities laws and discovering and hiring expertise persist, and the place the financial system goes post-COVID-19 is a cloud looming over all of it. They do anticipate a restoration, however questions on the flexibility to get there leap out at me greater than the rest within the survey.”
To obtain a duplicate of Nevada State Financial institution’s 2021 Small Enterprise Survey report, please go to https://nevadasmallbusiness.com/survey.
About Nevada State Financial institution (@nevadastatebank)
Nevada State Financial institution, a division of Zions Bancorporation, N.A., was based on Dec. 9, 1959. The total-service financial institution gives a whole vary of client, personal, and enterprise banking companies. Nevada State Financial institution’s colleagues recurrently volunteer of their communities and have been devoted to serving to make Nevada a greater place to stay for the final 61 years. Zions Bancorporation, N.A. is included within the S&P 500 and NASDAQ Monetary 100 indices (NASDAQ: ZION). For extra data on Nevada State Financial institution, name 775-852-6611 or go to www.nsbank.com.
A division of Zions Bancorporation, N.A. Member FDIC.