Released in recognition of National Small Business Week, celebrating the vital role of small businesses, the survey highlights the real challenges and opportunities entrepreneurs face across the U.S.
Key findings include:
Most small business owners trust traditional banks more than other financial institutions, and around 40% have been with their primary business bank for more than 7+ years.
Small business owners prioritize low fees and good rates when choosing a business bank, whether or not they are actively seeking funding.
Small businesses want to keep things simple when it comes to business banking. Easy online and mobile banking is the most important feature for small business bank accounts, with low or no fees for ACH, wires, or transfers being the second most important feature.
The report is based on a survey conducted by SmartBiz Bank between March 6, 2025, and April 13, 2025, of over 200 small business owners who are SmartBiz Bank customers from diverse industries, including construction, healthcare, retail, and professional services. Of these small business owners, the majority (86%) have 1-5 employees. Eighty-five percent have been in business for over three years, and nearly 40% have operated for over 10 years. Approximately 50% of respondents have more than $100K in annual revenue.
