New Research Shows Small Business Owners Are Optimistic Despite a Challenging Start to the Year

Small businesses are the backbone of Main Street America, creating significant contributions to local economic growth, job creation and community success. Small businesses employ 59 million Americans and account for nearly half of the national workforce.

Despite economic pressure and uncertainty, most small business owners remain resilient and optimistic. New research from the Capital One Insights Center finds that 89% are confident about future growth, despite more than half saying the past year was their most challenging yet.

As small businesses are an important bellwether of economic vitality, this study explores how digital tools and credit card rewards are critical to their resiliency. The results show that many small business owners use mobile banking apps and accounting software to reinvest in their inventories and employees, while card rewards also play a key role in helping small businesses stay flexible. A majority of small business owners (77%) leverage rewards by using them to purchase equipment, invest in inventory, recognize employees or support other activities.

"Customers and the business landscape are evolving rapidly, and yet small businesses are optimistic on their ability to grow, in part, thanks to an array of tools at their disposal," said Dr. Shena Ashley, President of the Capital One Insights Center. "Whether reinvesting in their inventory or employees, this survey shows that credit card rewards are one of the primary tools being leveraged to facilitate business growth."