NOVEMBER 6, 2017
The Up-and-Comers
By Hilary Collins, Assistant, Publications and Research, Financial Managers Society

The Up-and-ComersSmall business lending is a big opportunity for community institutions, and a growing portion of small business borrowers are Millennials

New research from First Citizens Bank helps shed some light on this demographic. While this survey was only regional – focusing on 300 small businesses in California, Florida, South Carolina and North Carolina – its findings can be enlightening for any community institution looking to assess its readiness for the next generation of small business borrowers. Here are some of the highlights:

The research found that 82% of Millennial small business owners are optimistic and eager to grow their businesses – compared to 71% of all respondents who expect their businesses to expand 

81% of Millennial small business owners expressed confidence in the U.S. economy

They also admitted they were surprised at how hard it was to keep employees, with roughly 1 in 5 saying it was a challenge – ironic, perhaps, given Millennials’ reputation as job-hoppers 

With that in mind, 47% of Millennial small business owners are planning on hiring this year

Looking at small business owners in all age brackets, 34% planned on using a loan, credit card or personal savings to grow their business in the coming year