Financial Services for Small Businesses in the U.S., 2nd Edition
Countries covered: United States
Coming out of the recession, small businesses are building momentum, as a post-recession job engine, employer to almost half of all payroll employees, and a contributor of an estimated $5.8 trillion to GDP in 2013. Meeting their financial service needs is essential to economic growth—and provides continued opportunity. But while lending practices show some signs of loosening, many small businesses—especially smaller and younger firms—face continued difficulty getting credit; and while small business personal card use among small businesses is on the rise, business credit card use has been on the decline (despite card associations and leading megabanks’ building out integrated sets of products and services around their card platforms). In this post-recession environment, community banks maintain tremendous importance to lending and relationships, although their foothold is slipping. And while programs have been launched to help women and minorities launch and grow small businesses, their participation still lags, and black and Hispanic small businesses still comprise only a sliver of SBA 7(a) loan volume.
This report assists in understanding these and other trends shaping the market for small business financial services. Report analysis includes the following:
Coming out of the recession, small businesses are building momentum, as a post-recession job engine, employer to almost half of all payroll employees, and a contributor of an estimated $5.8 trillion to GDP in 2013. Meeting their financial service needs is essential to economic growth—and provides continued opportunity. But while lending practices show some signs of loosening, many small businesses—especially smaller and younger firms—face continued difficulty getting credit; and while small business personal card use among small businesses is on the rise, business credit card use has been on the decline (despite card associations and leading megabanks’ building out integrated sets of products and services around their card platforms). In this post-recession environment, community banks maintain tremendous importance to lending and relationships, although their foothold is slipping. And while programs have been launched to help women and minorities launch and grow small businesses, their participation still lags, and black and Hispanic small businesses still comprise only a sliver of SBA 7(a) loan volume.
This report assists in understanding these and other trends shaping the market for small business financial services. Report analysis includes the following:
- Moored by survey analysis (including detailed 2008-2012 trending), the report studies how small business owners, small business managers and the self-employed interact with banks, including the card brands they use and the banks with which they have relationships.
- 2008-2012 survey trend analysis extends to small business owner, small business manager and self-employed household income; securities ownership and worth trends; and residential ownership and worth trends; as well as business purchasing decision analysis; major banks used for credit cards, banking products used; and smartphone penetration. Small business credit card growth metrics and rationales are also included.
- Small business lending trend analysis customized to provide added granularity and narrower bank asset-size bands, for FDIC-insured commercial banks, all financial institutions submitting Reports of Condition and Income; and institutions covered by the Community Reinvestment Act (CRA) data. Analysis includes nonfarm and commercial & industrial segment analysis, and (regarding call report data) six bank asset categories, loan value segmentation, microloan analysis, and much more.
- Trending of small business employment and firm size; degree of entrepreneurship; income and profit trends; contribution to GDP and its component industries; contribution to commercial spending; business challenges; and use of credit (trade credit, credit lines, loans, and credit cards).
- Small business financial services strategies of American Express, MasterCard, Visa and JP Morgan Chase, with an emphasis on card programs.
- Trends shaping mobile payments, focusing on popular small business options PayPal and Square; as well as microlending and crowdfunding trends.
- Developments in small business credit access legislation and U.S. Small Business Association programs and trends, as well as U.S. Treasury small business lending initiatives.
Executive Summary
Report Scope
Consumer survey methodology
The Market
The small business universe
Entrepreneurship
Net worth and profits
Market sizing
Business challenges
Use of credit
Small Business Owners, Management & the Self-Employed
Small business owners, management & self-employed workers: population analysis
Household income, securities and residential ownership trends
Banks used
Business purchasing decisions
Banking products used
Smart phone penetration & online access method/device
The Competitive Arena
Growth, for a reason
American Express competitive analysis
MasterCard competitive analysis
Visa competitive analysis
JPMorgan Chase competitive analysis
Small Business Lending Trends
A brighter, albeit tempered small business lending picture
Casting a wide net: FDIC-insured commercial bank analysis
Casting a wider net: FFIEC financial institution call report analysis
CRA small business loans and loan values fall off a cliff
Small Business Credit Card Trends
2012 gives American Express an edge
2008-2012 trending suggests Discover and American Express faring best
American Express business cards trending well
Small business owners card use among large banks
Other Small Business Financial Services Trends
Mobile payments on the radar
Disruptor #1: PayPal
Disruptor #2: Square
Microlending and crowdfunding gaining traction
Small Business Government Financial Services Trends
Small business credit access legislation
Small Business Administration programs and trends
Small Business Lending Fund
Chapter 1: Overview
Overview of Small Business
Definitions of Small Business
Small business lending
Federal Deposit Insurance Corporation
Federal Financial Institutions Examination Council
Community Reinvestment Act
Survey analysis
Chapter 2: The Market
Summary analysis
The small business universe
Entrepreneurship
Net worth and profits
Market sizing
Business challenges
Use of credit
The U.S. small business universe
Firms versus establishments; employer versus non-employer firms
Self-employment
Twenty eight million small businesses
Post-recession growth tilts to non-employers
Table 2-1: 2002-2010 Small Business Growth: All Small Businesses, Non-employers & Employer Firms(w/Graphic)
Small business by vertical
Table 2-2: U.S. Small Business Employer Firms & Establishments, by Industry: 2010
Size of the small business market: Firm share by employment size
Table 2-3: Employers: Firms, Employees & Employees per Firm, 2010
Graph 2-1: Firms & Employees: Small and Larger Employers; Small Employers by Employment Size, 2010
Private sector job growth
Disproportionate job losses during recession
But post-recession gains on par with larger businesses
A job creation engine
Balanced by high rate of failure
The long story: 2007-2012
Recession takes largest chunk of jobs from small business
Smallest firms hit hardest
Table 2-4: Cumulative Net Quarterly Employment Growth, Total Private Nonfarm & By Firm Size: 2007-2012
Graph 2-2: Cumulative Net Quarterly Employment Growth, Total Private Nonfarm & By Firm Size: 2007-2012
The short story: 2010 to 2012
Small businesses generate two-thirds of post-recession jobs
Table 2-5: 2010-2012 Net Employment Gains: Cumulative Small & Large Business, Cumulative & Quarterly
Small Business by Firm Size
The self-employed
Table 2-6: Self-Employed Workers: Demographic Analysis: 2007, 2009 & 2011
Entrepreneurial activity
The Kauffman Index
2011 state of affairs
Decline in entrepreneurial activity
But activity above pre-recession levels
Gender gap continues
Race/ethnicity: short-term and term-term trends
Long-term trends
Post-recession story
Graph 2-4: Kauffman Index of Entrepreneurial Activity, by Race: 1996-2011
Graph 2-5: Changes in Composition of New Entrepreneurs by Race (1996, 2011)
Immigrants driving business creation
Small business net worth trends
Losing ground to corporate business
Table 2-7: Quarterly & Annual Proprietor Income and Corporate Profits: 2007-2012 (with graphic)
Net equity in privately held businesses consistent, but level of equity declines
Sizing the Market for Financial Services
GDP analysis: small business share of GDP ticking downward
Small business compensation-based GDP outweighs non- compensation GDP
Table 2-8: Small & Large Business Total, Compensation & Non-Compensation GDP: 2005-2010
Small business GDP estimates and projections through 2012
Table 2-9: Small Business Total, Compensation & Non-Compensation GDP: 2007-2013
Graph 2-6: Small Business Total, Compensation & Non-Compensation GDP: 2007-2013
Small business GDP analysis by industry
Table 2-10: Small Business GPD, by Industry: 2007-2012
Small business compensation GDP analysis by industry
Trending with total small business GDP
Table 2-11: Small Business Compensation GPD, by Industry: 2007-2012
Small business non-compensation GDP analysis by industry
Finance and insurance & construction lag
Table 2-12: Small Business Non-Compensation GPD, by Industry: 2007-2012
2010-2012 small business GDP share analysis across industries and GDP types
Table 2-13: Small Business Total, Compensation & Non-Compensation GDP, Industry Share: 2010-2012
Slicing the small business market another way
The Visa Commercial Consumption Expenditure Index
Before the recession
Knee-deep in the recession
Table 2-14: Commercial Consumption Expenditures, Percent Share by Size of Business and Spend Category
& Dollar Share by Spend Category, 2009
Beyond recession
$6.1 trillion in 2013 small business spend?
Small business challenges
Biggest problem? Taxes and government
Graph 2-7: Single Most Important Problem Facing Small Business: 2008-2013
Lending constraints
Federal Reserve study says one quarter of applicants are turned down or get less credit
NFIB survey results more pessimistic
Consequences: growth inhibited, employee reduction
Table 2-15: Percentage of Small Business Unable to Access Funding, Reasons Given & Consequences, 2012
Loans secured by a mixture of business and personal resources
Table 2-16: Assets/Equity Used by Small Businesses to Secure Business Loans/Financing, 2012
Bank line of credit tops source for meeting capital needs, but credit cards right behind
Table 2-17: Types of Financing Used by Small Businesses To Meet Capital Needs in Past 12 Months, 2012
Large banks top the list, but small community banks disproportionately represented
Table 2-18: Types of Banking Institutions Used by Small Businesses, 2012
What does it take to get credit?
Credit use by small businesses
Trade credit
Trade credit most prevalent form of credit
Table 2-19: Small Business Use of Trade Credit, 2010-11
Credit lines
Table 2-20: Small Business Use of Credit Lines, 2009-11
Credit cards
Personal card use increases; business card use declines
Users carrying a balance on personal cards increases
Table 2-21: Use of Personal and Business Credit Card for Business Purposes: 2009, 2010 & 2011
Business credit card use correlates with firm size
Table 2-22: Small Business Use of Business and Personal Credit Cards, 2009-11
Business loans
Table 2-23: Small Business Use of Business Loans, 2009-11
Chapter 3: Small Business Owners, Management & The Self-Employed
Summary analysis
Small business owners, management & self-employed workers: population analysis
Household income, securities and residential ownership trends
Banks used
Business purchasing decisions
Banking products used
Smart phone penetration & online access method/device
Owners, management & self-employed workers: population analysis
Table 3-1: Small Business Owners, Small Business Managers & Small Business Self-Employed:2012 Population
Owners, management and self-employed workers affiliated with large businesses
Table 3-2: Large Business Owners, Small Business Managers & Small Business Self-Employed:2012 Population
Note on definition exclusivity
Table 3-3: Small Business Owners, Small Business Managers, and Small Business Self-Employed:Category Overlap
Small business composition
Self-employed, but not alone
Graph 3-1: Small Business Owner & Small Business Management Population & Population Share,by Size of Company: 2012
Small business demographic analysis
A men’s club?
Graph 3-2: Small Business Owner/Management vs. Adult Population: Population Share by Demographic:2012
Demographic analysis: small business owners, management & self-employed
Graph 3-3: Small Business Owner, Management & Self-Employed: Population Share by Demographic: 2012
Female small business owners, management & self-employed: demographics
Graph 3-4: Female Small Business Owner, Management & Self-Employed: Population Share by Demographic:2012
Small business owner, management & self-employed population trends
Post-recession percentage of self-employed individuals declining
Management declines; ownership flat
Graph 3-5: Population Trending: Small Business Owner/Management, Owner, Management & Self-Employed:2007-2012
Female, Gen Y and non-white small business population trends
Percentage of female self-employed individuals falls from pre-recession levels
Generation Y takes it in the chin, but may benefit from healing job market
Graph 3-6: Population Trending: Female, 18-29 & Minority Small Business Owner/Management, Owner,Management & Self-Employed: 2007-2012
Household income, securities and residential ownership trends
Household income trends
More than a quarter of small business owners have $150K+ in household income
Uptrend in self-employed & small business owner household income levels
Graph 3-7: Residence Ownership Trends Among All Adults, Self-Employed & Small Business Owners:2007-2012
Securities ownership trends
Graph 3-8: Securities Ownership Trends Among All Adults, Self-Employed & Small Business Owners:2007-2012
Residence ownership trends
Home ownership influences entrepreneurship
Small owners more likely to be home owners
Residence value declines noted for all adults, self-employed & small business owners
Graph 3-9: Residence Ownership Trends Among All Adults, Self-Employed & Small Business Owners:2007-2012
Bank relationships
Bank of America has highest number of small business owners & managers
Wells Fargo and Chase lag the average
Non-banking behemoths fare best
Table 3-4: Small Business Owners, Managers & Self-Employed: Primary Bank Used in Past 12 Months: 2012
Business purchasing decisions
Small business owners are deeply involved in purchasing decisions
More likely to be involved in business purchase decisions than large business counterparts
Table 3-5: Percentage of Business Owners, Management & Self-Employed Who Have Been Involved in Business
Purchase Decision in Past 12 Months, Small Business (<500 Employees) & Large Business (1,000 Employees):
2012
Financial service providers should talk to the boss
Table 3-6: Percentage of Small Business Owners & Management Who Have Been Involved in Business Purchase
Decision in Past 12 Months, by Number of Company Employees: 2012
But involvement in a variety of types of business purchasing decisions is minimal
Suggesting financial services product and service upside
Low rate of baking services purchase decision-making suggests opportunity
Table 3-7: Percentage of Small Business Owners, Management & Self-Employed Who Have Been Involved in
Business Purchase Decision in Past 12 Months, by Type of Business Purchase Decision: 2012
Small business banking and investment trends
Small business bank accounts & deposits provide upsell/cross-sell opportunity
Tap into checking relationships and go from there
Table 3-8: Small Business Owners: Types of Bank Accounts & Deposits Held, Percent Growth & Population Growth: 2008 vs. 2012
Checking and savings account penetration among self-employed above 2008 levels
Table 3-9: Self-Employed: Types of Bank Accounts & Deposits Held, Percent Growth & Population Growth:2008 vs. 2012
Small business owner investments suggest degree of wealth and opportunity
Retirement accounts remain underpenetrated
Wide ambit of investments suggests collateral at hand to back loans
Table 3-10: Small Business Owners: Types of Investments Held, Percent Growth & Population Growth: 2008 vs. 2012
Self-employed with investments on the upswing
Self-employed also present retirement account opportunity
Table 3-11: Self-Employed: Types of Investments Held, Percent Growth & Population Growth: 2008 vs. 2012 89
Smart phone penetration & online access method/device
Small business owners are on smart phones
Table 3-12: Home Internet: Use, Type of Internet Service & Access Device: Small Business Owners, Management & Self-Employed: 2012
High-speed home internet access penetration above 70%
Table 3-13: Home Internet: Use, Type of Internet Service & Access Device: Small Business Owners, Management & Self-Employed: 2012
Small business owner work internet access penetration lags managers
Cell phones paying a significant role
Table 3-14: Business Internet: Use, Type of Internet Service & Access Device: Small Business Owners, Management & Self-Employed: 2012
Report Scope
Consumer survey methodology
The Market
The small business universe
Entrepreneurship
Net worth and profits
Market sizing
Business challenges
Use of credit
Small Business Owners, Management & the Self-Employed
Small business owners, management & self-employed workers: population analysis
Household income, securities and residential ownership trends
Banks used
Business purchasing decisions
Banking products used
Smart phone penetration & online access method/device
The Competitive Arena
Growth, for a reason
American Express competitive analysis
MasterCard competitive analysis
Visa competitive analysis
JPMorgan Chase competitive analysis
Small Business Lending Trends
A brighter, albeit tempered small business lending picture
Casting a wide net: FDIC-insured commercial bank analysis
Casting a wider net: FFIEC financial institution call report analysis
CRA small business loans and loan values fall off a cliff
Small Business Credit Card Trends
2012 gives American Express an edge
2008-2012 trending suggests Discover and American Express faring best
American Express business cards trending well
Small business owners card use among large banks
Other Small Business Financial Services Trends
Mobile payments on the radar
Disruptor #1: PayPal
Disruptor #2: Square
Microlending and crowdfunding gaining traction
Small Business Government Financial Services Trends
Small business credit access legislation
Small Business Administration programs and trends
Small Business Lending Fund
Chapter 1: Overview
Overview of Small Business
Definitions of Small Business
Small business lending
Federal Deposit Insurance Corporation
Federal Financial Institutions Examination Council
Community Reinvestment Act
Survey analysis
Chapter 2: The Market
Summary analysis
The small business universe
Entrepreneurship
Net worth and profits
Market sizing
Business challenges
Use of credit
The U.S. small business universe
Firms versus establishments; employer versus non-employer firms
Self-employment
Twenty eight million small businesses
Post-recession growth tilts to non-employers
Table 2-1: 2002-2010 Small Business Growth: All Small Businesses, Non-employers & Employer Firms(w/Graphic)
Small business by vertical
Table 2-2: U.S. Small Business Employer Firms & Establishments, by Industry: 2010
Size of the small business market: Firm share by employment size
Table 2-3: Employers: Firms, Employees & Employees per Firm, 2010
Graph 2-1: Firms & Employees: Small and Larger Employers; Small Employers by Employment Size, 2010
Private sector job growth
Disproportionate job losses during recession
But post-recession gains on par with larger businesses
A job creation engine
Balanced by high rate of failure
The long story: 2007-2012
Recession takes largest chunk of jobs from small business
Smallest firms hit hardest
Table 2-4: Cumulative Net Quarterly Employment Growth, Total Private Nonfarm & By Firm Size: 2007-2012
Graph 2-2: Cumulative Net Quarterly Employment Growth, Total Private Nonfarm & By Firm Size: 2007-2012
The short story: 2010 to 2012
Small businesses generate two-thirds of post-recession jobs
Table 2-5: 2010-2012 Net Employment Gains: Cumulative Small & Large Business, Cumulative & Quarterly
Small Business by Firm Size
The self-employed
Table 2-6: Self-Employed Workers: Demographic Analysis: 2007, 2009 & 2011
Entrepreneurial activity
The Kauffman Index
2011 state of affairs
Decline in entrepreneurial activity
But activity above pre-recession levels
Gender gap continues
Race/ethnicity: short-term and term-term trends
Long-term trends
Post-recession story
Graph 2-4: Kauffman Index of Entrepreneurial Activity, by Race: 1996-2011
Graph 2-5: Changes in Composition of New Entrepreneurs by Race (1996, 2011)
Immigrants driving business creation
Small business net worth trends
Losing ground to corporate business
Table 2-7: Quarterly & Annual Proprietor Income and Corporate Profits: 2007-2012 (with graphic)
Net equity in privately held businesses consistent, but level of equity declines
Sizing the Market for Financial Services
GDP analysis: small business share of GDP ticking downward
Small business compensation-based GDP outweighs non- compensation GDP
Table 2-8: Small & Large Business Total, Compensation & Non-Compensation GDP: 2005-2010
Small business GDP estimates and projections through 2012
Table 2-9: Small Business Total, Compensation & Non-Compensation GDP: 2007-2013
Graph 2-6: Small Business Total, Compensation & Non-Compensation GDP: 2007-2013
Small business GDP analysis by industry
Table 2-10: Small Business GPD, by Industry: 2007-2012
Small business compensation GDP analysis by industry
Trending with total small business GDP
Table 2-11: Small Business Compensation GPD, by Industry: 2007-2012
Small business non-compensation GDP analysis by industry
Finance and insurance & construction lag
Table 2-12: Small Business Non-Compensation GPD, by Industry: 2007-2012
2010-2012 small business GDP share analysis across industries and GDP types
Table 2-13: Small Business Total, Compensation & Non-Compensation GDP, Industry Share: 2010-2012
Slicing the small business market another way
The Visa Commercial Consumption Expenditure Index
Before the recession
Knee-deep in the recession
Table 2-14: Commercial Consumption Expenditures, Percent Share by Size of Business and Spend Category
& Dollar Share by Spend Category, 2009
Beyond recession
$6.1 trillion in 2013 small business spend?
Small business challenges
Biggest problem? Taxes and government
Graph 2-7: Single Most Important Problem Facing Small Business: 2008-2013
Lending constraints
Federal Reserve study says one quarter of applicants are turned down or get less credit
NFIB survey results more pessimistic
Consequences: growth inhibited, employee reduction
Table 2-15: Percentage of Small Business Unable to Access Funding, Reasons Given & Consequences, 2012
Loans secured by a mixture of business and personal resources
Table 2-16: Assets/Equity Used by Small Businesses to Secure Business Loans/Financing, 2012
Bank line of credit tops source for meeting capital needs, but credit cards right behind
Table 2-17: Types of Financing Used by Small Businesses To Meet Capital Needs in Past 12 Months, 2012
Large banks top the list, but small community banks disproportionately represented
Table 2-18: Types of Banking Institutions Used by Small Businesses, 2012
What does it take to get credit?
Credit use by small businesses
Trade credit
Trade credit most prevalent form of credit
Table 2-19: Small Business Use of Trade Credit, 2010-11
Credit lines
Table 2-20: Small Business Use of Credit Lines, 2009-11
Credit cards
Personal card use increases; business card use declines
Users carrying a balance on personal cards increases
Table 2-21: Use of Personal and Business Credit Card for Business Purposes: 2009, 2010 & 2011
Business credit card use correlates with firm size
Table 2-22: Small Business Use of Business and Personal Credit Cards, 2009-11
Business loans
Table 2-23: Small Business Use of Business Loans, 2009-11
Chapter 3: Small Business Owners, Management & The Self-Employed
Summary analysis
Small business owners, management & self-employed workers: population analysis
Household income, securities and residential ownership trends
Banks used
Business purchasing decisions
Banking products used
Smart phone penetration & online access method/device
Owners, management & self-employed workers: population analysis
Table 3-1: Small Business Owners, Small Business Managers & Small Business Self-Employed:2012 Population
Owners, management and self-employed workers affiliated with large businesses
Table 3-2: Large Business Owners, Small Business Managers & Small Business Self-Employed:2012 Population
Note on definition exclusivity
Table 3-3: Small Business Owners, Small Business Managers, and Small Business Self-Employed:Category Overlap
Small business composition
Self-employed, but not alone
Graph 3-1: Small Business Owner & Small Business Management Population & Population Share,by Size of Company: 2012
Small business demographic analysis
A men’s club?
Graph 3-2: Small Business Owner/Management vs. Adult Population: Population Share by Demographic:2012
Demographic analysis: small business owners, management & self-employed
Graph 3-3: Small Business Owner, Management & Self-Employed: Population Share by Demographic: 2012
Female small business owners, management & self-employed: demographics
Graph 3-4: Female Small Business Owner, Management & Self-Employed: Population Share by Demographic:2012
Small business owner, management & self-employed population trends
Post-recession percentage of self-employed individuals declining
Management declines; ownership flat
Graph 3-5: Population Trending: Small Business Owner/Management, Owner, Management & Self-Employed:2007-2012
Female, Gen Y and non-white small business population trends
Percentage of female self-employed individuals falls from pre-recession levels
Generation Y takes it in the chin, but may benefit from healing job market
Graph 3-6: Population Trending: Female, 18-29 & Minority Small Business Owner/Management, Owner,Management & Self-Employed: 2007-2012
Household income, securities and residential ownership trends
Household income trends
More than a quarter of small business owners have $150K+ in household income
Uptrend in self-employed & small business owner household income levels
Graph 3-7: Residence Ownership Trends Among All Adults, Self-Employed & Small Business Owners:2007-2012
Securities ownership trends
Graph 3-8: Securities Ownership Trends Among All Adults, Self-Employed & Small Business Owners:2007-2012
Residence ownership trends
Home ownership influences entrepreneurship
Small owners more likely to be home owners
Residence value declines noted for all adults, self-employed & small business owners
Graph 3-9: Residence Ownership Trends Among All Adults, Self-Employed & Small Business Owners:2007-2012
Bank relationships
Bank of America has highest number of small business owners & managers
Wells Fargo and Chase lag the average
Non-banking behemoths fare best
Table 3-4: Small Business Owners, Managers & Self-Employed: Primary Bank Used in Past 12 Months: 2012
Business purchasing decisions
Small business owners are deeply involved in purchasing decisions
More likely to be involved in business purchase decisions than large business counterparts
Table 3-5: Percentage of Business Owners, Management & Self-Employed Who Have Been Involved in Business
Purchase Decision in Past 12 Months, Small Business (<500 Employees) & Large Business (1,000 Employees):
2012
Financial service providers should talk to the boss
Table 3-6: Percentage of Small Business Owners & Management Who Have Been Involved in Business Purchase
Decision in Past 12 Months, by Number of Company Employees: 2012
But involvement in a variety of types of business purchasing decisions is minimal
Suggesting financial services product and service upside
Low rate of baking services purchase decision-making suggests opportunity
Table 3-7: Percentage of Small Business Owners, Management & Self-Employed Who Have Been Involved in
Business Purchase Decision in Past 12 Months, by Type of Business Purchase Decision: 2012
Small business banking and investment trends
Small business bank accounts & deposits provide upsell/cross-sell opportunity
Tap into checking relationships and go from there
Table 3-8: Small Business Owners: Types of Bank Accounts & Deposits Held, Percent Growth & Population Growth: 2008 vs. 2012
Checking and savings account penetration among self-employed above 2008 levels
Table 3-9: Self-Employed: Types of Bank Accounts & Deposits Held, Percent Growth & Population Growth:2008 vs. 2012
Small business owner investments suggest degree of wealth and opportunity
Retirement accounts remain underpenetrated
Wide ambit of investments suggests collateral at hand to back loans
Table 3-10: Small Business Owners: Types of Investments Held, Percent Growth & Population Growth: 2008 vs. 2012
Self-employed with investments on the upswing
Self-employed also present retirement account opportunity
Table 3-11: Self-Employed: Types of Investments Held, Percent Growth & Population Growth: 2008 vs. 2012 89
Smart phone penetration & online access method/device
Small business owners are on smart phones
Table 3-12: Home Internet: Use, Type of Internet Service & Access Device: Small Business Owners, Management & Self-Employed: 2012
High-speed home internet access penetration above 70%
Table 3-13: Home Internet: Use, Type of Internet Service & Access Device: Small Business Owners, Management & Self-Employed: 2012
Small business owner work internet access penetration lags managers
Cell phones paying a significant role
Table 3-14: Business Internet: Use, Type of Internet Service & Access Device: Small Business Owners, Management & Self-Employed: 2012
