Over the last several years, the U.S. economy has seen significant growth in small businesses, surpassing 30 million individual businesses and representing 99.9 percent of all businesses in the U.S. These businesses fuel local communities by creating jobs and revenue, making it imperative that their bank partners help ensure profitability and growth in 2019.
This is especially important as industry forecasts indicate a slight plateau in growth. In fact, Kiplinger expects 2019 growth to slow to 2.7 percent from 2.9 percent this year. In their recent forecast, they go on to explain that while Americans will keep spending at a healthy rate because of higher wages and low unemployment, the tight labor market will make it difficult for businesses to expand.