OnDeck analyzed survey responses from 499 current customers, who completed the survey Dec. 12 - 15, 2023.
About the Trend Report
OnDeck and Ocrolus have partnered for the first-of-its-kind Small Business Cash Flow Trend Report. OnDeck is the leading small business lending company at Enova, and Ocrolus is a document AI and cash flow analytics platform for lenders. The report is based on two important inputs:
Quarterly survey responses from nearly 500 small businesses with working capital loans from OnDeck across all regions. These businesses generally have fewer than 30 employees and less than $10M in revenues.
Cash flow data from over 3 million small business applications for working capital financing during an 18-month period.
The combination of these two inputs provides unique insights into the health of small businesses, as well as the challenges and opportunities facing business owners as they operate and grow in today’s economy.
The fourth quarter's report revealed four key findings:
Most small businesses are feeling optimistic about growth in 2024 and their ability to expand over the next 12 months.
A steady increase in revenues supports this optimistic outlook for growth in 2024.
As inflation cools, businesses are looking to improve profitability and available cash as a way to support growth.
Hiring qualified staff remains a concern for over half of small businesses.
Full Report below
