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Report: Small Business Views on Financial Reform

Date: 
02/05/2010

Based on a survey of 1,237 small business owners from 13 states, this report assesses participating small businesses’ experiences with the economic recession and evaluates Main Street business owners’ views on financial reform.

Key national findings from the survey include:

  • Since June 2008, more than two in five respondents (41 percent) reported using personal savings or credit cards for expenses normally covered with external loans or business credit cards. Nearly a third (32 percent) saw their business credit card terms deteriorate.
  • Over three quarters of respondents (77 percent) did not believe enough steps have been taken to shield small businesses from another Wall Street crisis.
  • By a margin of nearly 4 to 1 (69 percent to 18 percent), responding small business owners supported passage of strong financial reforms over cautions against too much government involvement.
  • By a margin of over 5 to 1 (67 percent to 12 percent), responding business owners supported creation of a consumer financial protection agency.