Despite economic challenges, a May 2023 survey from Bank of America shows that mid-sized business owners (MSBOs) are maintaining a positive outlook:

• 75% of MSBOs expect revenue to increase in the next 12 months.

• 90% of MSBOs plan to seek funding to finance their businesses over the next 12 months, including through business credit cards (43%), traditional bank loans (38%), personal savings (27%), personal credit cards (25%), and venture capital (21%).

• 59% of businesses want to obtain financing to weather rising interest rates, while 23% say rising interest rates make them less likely to seek financing.

• Among the 54% of MSBOs who plan to apply for a bank loan or line of credit in the next 12 months, they plan to use these funds to: invest in new technology (43%), invest in new equipment (37%), and market/promote their business (35%).

For more information, view the full report.

Ipsos Public Affairs conducted the Bank of America 2023 Mid-Sized Business Owner survey online between May 3 and May 12, 2023, using a pre-recruited online sample of business owners. Ipsos contacted a national sample of 301 mid-sized business owners in the United States with annual revenue between $5,000,000 and $49,999,999 and employing between two and 499 employees. The final results were weighted to national benchmark standards for size, revenue and region.