More evidence that small businesses support accountability & transparency

February 6, 2013 at 11:27 am 1 comment

Small Business Majority has a new poll out that provides even more evidence that small businesses support regulations on our financial sector, especially after the Great Recession. According to the poll, 80 percent of small business owners agree that Wall Street financial firms need tighter regulations and should be held accountable for their role in the financial crisis. The table below shows that two-thirds of small businesses believe that government oversight on Wall Street should increase or is sufficient the way it currently is.

The poll also found that a growing number of small business owners– six out of 10 in this survey– are using credit cards to finance their companies. This means that their personal and business credit are becoming more intertwined.  For whatever reason, they are not using traditional  loan products. From our own research we know that access to affordable capital is increasingly difficult for many entrepreneurs. This finding points to the persistent gap in financing available for small businesses.

As we’ve pointed out before, the issue of what small  businesses think or need is a highly politicized issue– and one that is claimed by advocates on both sides of the aisle. These findings fly in the face of another recent poll that we posted about, claiming that small businesses want less regulation and more federal spending cuts. Interestingly, this new poll shows that small businesses from  both political perspectives share this view. Seven out of 10 Republican small business owners believe that we need tighter rules and standards for the financial sector. A little more than half of the survey respondents identified as Republican, about one-quarter identified as Democrat, and the rest as independents. As John Arensmeyer, CEO of Small Business Majority, puts it, for small businesses  “this isn’t a party line issue for them. It’s a bottom-line issue, plan and simple, meaning it impacts their capacity to grow and hire.”



Entry filed under: Banks, Economic Development, Economy, Financial Reform, Small Business. Tags: , , , , , .

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  • […] about the growing divide between the wealthy and the poor, between urban and rural, and between big business and main street.  Now, Demos has published a report looking at one of the main things fueling these troubling […]


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