According to a survey completed by the National Federation of Independent Business (NFIB), “87 percent of small businesses are confident in their preparations for the holiday season and 81 percent are confident this season will be a success for their business.” These numbers follow a record breaking Small Business Saturday which saw 112 million shoppers support the national small business holiday. In addition, 72% of consumers said they were aware of Small Business Saturday, with 135 million engagements on social media related to the event.
For the organizations not confident about their holiday prospects, many of them are citing a lack of capital access. “For owners needing capital, 81 percent said they would only need $50,000 or less, with building inventory (56 percent) and boosting advertising (28 percent) being the most common needs for additional financing.” Of those looking for capital in the forms of increased credit lines and SBA loans, a whopping 87% felt they would be in a financial position to pay the loan back on time.
With Small Business Saturday breaking records in consumer participation, there’s no reason to think the Holiday shopping season will slow down. Look to see more high turnout and support for all businesses this December.