Survey: Majority of Small Business Owners Still Recovering from Recession

April 29, 2015

April 29, 2015—Nearly two-thirds of small business owners in a Bank of America survey said their companies are still recovering from the recession that officially ended nearly six years ago.

Only 21 percent of the owners surveyed last month said their businesses have fully recovered.

Owners remain cautious about hiring, with 39 percent questioned in the survey saying they plan to add staffers in the next 12 months. That's down from 42 percent in a survey during the fall. Just over half plan to keep staffing levels where they are now, slightly more than in the previous survey.

The Associated Press said the numbers present a different side of small business than surveys that focus on companies' increasing optimism and healthy cash flow.

Karen Mills, a Harvard Business School faculty member and former head of the Small Business Administration, told the Associated Press that one of the reasons for the prolonged recovery is that small businesses still have difficulties obtaining loans. Banks are still reluctant to lend to many companies, especially the smallest ones.

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