Cherry Hill, New Jersey and Portland, Maine (PRESS RELEASE – July 5, 2011) – Despite a few lingering economic concerns and a slower than expected recovery from the recession, a majority of small business owners anticipate higher revenues and more hiring in the months ahead, according to a new survey from TD Bank, America’s Most Convenient Bank.
While only slightly more than half (51 percent) of American small business polled during a recent TD Bank survey said they are optimistic about the outlook for the economy, a remarkable 73 percent of respondents said that they expect to meet or exceed revenue projections in the upcoming quarter.
TD Bank’s survey – which polled 300 small business owners within the bank’s Maine to Florida footprint – also revealed that nearly 88 percent of respondents plan to hire more employees or keep staffing levels the same over the next quarter, with nearly 20 percent planning to add at least one new position.
Small business owners remain dedicated to keeping their business afloat and successful, with nearly half of those polled (51 percent) saying they’re working more hours today than they did 12 months ago. Only 10 percent say they are working fewer hours than last year. Interestingly, despite working more hours, the majority (62 percent) of small business owners also say they are just as happy or even happier today than they were a year ago.
“TD Bank’s recent survey of small business owners further solidifies what we’ve been hearing from our customers over the last 12 months,” said Fred Graziano, Head of Retail and Small Business Banking at TD Bank. “Although they may be working longer hours, these results indicate that economic conditions are improving and may lead to higher revenues and job creation for small businesses.”
Although more than 43 percent of small business owners said their business performance fell short of projections in the previous quarter, ongoing optimism revealed that 80 percent plan to maintain or increase capital investments in the upcoming year despite lingering concerns about economic performance and a drop in consumer spending.
“Overall, we’ve seen a 20 percent increase in applications for credit compared to this time last year, and as the economy improves, we hope to see that number increase, leading to healthier businesses and ultimately new jobs,” said Graziano. “TD Bank is committed to helping businesses grow and be successful, and we’re ready to assist and lend to small businesses and help fuel the upturn of the economic recovery.”
About TD Bank’s Survey
TD Bank polled 300 small business owners in its Maine to Florida footprint to understand their companies’ current and anticipated financial health, as well as their thoughts on the overall economy. The survey was conducted in April 2011 by ORC International, and surveyed companies with annual sales of no more than $5 million.
About TD Bank, America’s Most Convenient Bank
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 7.4 million customers with a full range of retail, small business and commercial banking products and services at more than 1,250 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, and insurance products and services through TD Insurance, Inc. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine.
TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America and one of the few banks in the world rated Aaa by Moody’s. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD.”