Small Business Banking: Opportunity in Challenging Times
The Small Business segment is a vital part of both the U.S. and Canadian
economies. In the U.S. Small Business represents 99.7% of all firms operating in
the country. Additionally, they account for just over half of all employees in
the private sector and have generated 64% of net new jobs over the last 15
years. They generate more than half of the non-farm GDP and account for
40% of the high-tech workforce. In Canada, Small Business represents 98% of
companies and employs 46% of the country’s workforce.
In this Strategic Commentary, Speer and Associates, Inc. (S&A) discusses the
changes that have taken place in the Small Business environment relative to
financial institution relationships, as well as current Small Business market
opportunities in the services they seek.
