Balboa Capital, a business lender that specializes in small business loans and equipment financing, announced the results of its Q3 2021 Small Business Owner Survey, which was sent to a sample of small business owners (SBOs) nationwide during the first two weeks of September. Six in 10 survey respondents said their business is performing better in 2021 than it did in 2020; 43 percent of respondents saw increased revenues during the first three quarters of 2021; and 24 percent of respondents expect the United States economy to achieve moderate growth in Q4 2021. Additionally, 42 percent of respondents reported unfilled job openings and 55 percent are planning to hire workers during the final three months of 2021.

“The results of our latest survey reveal that 42 percent of small business owners saw increased revenues during the first three quarters of 2021, but there is a growing caution among SBOs when it comes to the national economy and hiring,” said Kevin Umeda, Manager of Sales and Planning at Balboa Capital. “Twenty-four percent of survey respondents think the economy will experience moderate growth in the fourth quarter of 2021, and 42 percent think the economy will remain flat. Additionally, four in ten SBOs reported job openings they were not able to fill in Q3 2021, and more than half of SBOs will try to hire new employees in Q4 2021.”

Key takeaways from Balboa Capital’s Q3 2021 Small Business Owner Survey:

• 62 percent of SBOs said their business is performing better in 2021 than it did in 2020
• 43 percent of SBOs reported increased revenues during the first three quarters of 2021
• 35 percent of SBOs reported no change in revenues during the first three quarters of 2021
•  22 percent of SBOs reported decreased revenues during the first three quarters of 2021
• When asked how they think the United States economy will perform in Q4 2021, 16 percent of SBOs said “strong growth,” 24 percent said “moderate growth,” 42 percent said “flat/no change,” and 18 percent said “no growth”
• 38 percent of SBOs plan to increase spending and/or invest in their companies in Q4 2021, up from 35 percent in Q4 2020
• 42 percent of SBOs reported unfilled job openings in Q3 2021
• 55 percent of SBOs expect to hire new employees in Q4 2021, up from 25 percent in Q4 2020