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OnDeck Survey: Economy is Top Concern for Small Businesses Ahead of 2020 Election
NEW YORK, Sept. 13, 2019 /PRNewswire/ -- OnDeck® (NYSE: ONDK), the leader in online lending to small business, today announced the results of a national survey of U.S. small business owners that finds economic issues are the most important factors in determining their choice for president in 2020. The survey is the first in a series that OnDeck plans in order to gauge small business sentiment during the 2020 election season.
Among the economic issues driving presidential election decision making for many small business owners were the health of the U.S. economy, the climate for small business growth and tax policy. The OnDeck survey included small business owners from all 50 states and a diverse set of industries. Respondents were roughly split evenly between male and female business owners.
Key Findings from the OnDeck Small Business Survey:
- Economic concerns arise in several dimensions, including tax policy, job growth, support for small businesses, government spending and the overall economic climate. These issues were cited as the top concerns of more than 33% of those surveyed;
- Immigration was an issue of interest for 11.3% of small business owners surveyed, ranking second behind the economy as a concern.
- 57% of small businesses surveyed said they were either "Very Optimistic" or "Somewhat Optimistic" about the economic outlook for their businesses;
- 93% of those surveyed said they plan to vote in the 2020 election.
- 60% of small business owners surveyed said they already know who they plan to vote for in the 2020 presidential election.
Presidential Candidate Preference of U.S. Small Business Owners:
President Donald Trump was the choice of 37% of small businesses surveyed, followed by Joe Biden at 18%. When combined, the top five Democratic candidates were the preference of 44% of respondents.
- President Donald Trump – 37%
Democratic Candidates – Top 5
- Joe Biden – 18%
- Bernie Sanders – 8%
- Elizabeth Warren – 8%
- Kamala Harris – 6%
- Pete Buttigieg – 4%
"The survey results make it clear that U.S. small business owners will have a significant voice in determining the outcome of the 2020 presidential election," said Andrea Gellert, Chief Revenue Officer, OnDeck. "Most notably, their focus on 'Main Street' issues like taxes and business growth reminds all candidates that they should address the concerns of the men and women who make our economy run."
The OnDeck survey of 700 small business owners was conducted from August 5 to August 9, 2019 and included small businesses in all 50 states and from a diverse set of industries. The margin of error was 3.1 percent.
OnDeck (NYSE: ONDK) is the proven leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. The company also offers bank clients a comprehensive technology and services platform that facilitates online lending to small business customers through ODX, a wholly-owned subsidiary. OnDeck has provided over $12 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit www.ondeck.com.
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