Florida Small Businesses Remain Optimistic, Cite “Access to Capital” as Top Issue

FOR IMMEDIATE RELEASE
CONTACT: Edie Ousley, 850-521-1231 or 850-251-6261
eousley@flchamber.com

Nearly 60 Percent Expect the Economy
to Improve During the Next 12 Months

ORLANDO (September 28 , 2015) – Florida’s small businesses are optimistic about the future of the state’s economic recovery, with nearly 60 percent of respondents expecting the economy to improve during the next 12 months and half of all respondents indicating higher sales over the previous year. The Florida Chamber of Commerce’s Small Business Index Survey results were released today at the 2015 Future of Florida Forum in Orlando.

While small businesses remain optimistic with 77 percent expecting their company’s sales to improve during the next year, nearly one in four respondents cited “Access to Capital” as their top issue. “Economic uncertainty” was the second most frequently cited challenge facing Florida small business community.

“The Florida Chamber’s Small Business Index results clearly show that while our state has made tremendous progress, Florida’s future is fragile. When we create opportunities for small business to succeed, we create greater economic opportunity for all Floridians,” said MARK WILSON, President and CEO, Florida Chamber of Commerce.

The survey, conducted in conjunction with the Florida SBDC Network, also shows 43 percent of small businesses reported plans to hire personnel over the next six months.

The Florida Chamber’s Small Business Index Survey shows:

• Top Issues Facing Small Businesses: Access to capital (23 percent), economic uncertainty (18 percent), growth management process (14 percent), workforce quality (12 percent), and government regulations (12 percent) are the issues facing Florida small businesses.
• Investments: Half of the small businesses surveyed have plans to increase investments in plants and equipment, up from 39 percent in last quarter’s survey.
• Respondents: 64 percent of respondents employ less than five employees, with only 8 percent of respondents employing 50 employees or more.

The Florida Chamber’s Small Business Index Survey was conducted electronically September 3 through September 18, 2015. Click here to view the full report.

What Others Are Saying:

Florida CFO Jeff Atwater

“One out of every three Floridians works for a small business, and thanks to tough choices made during the Great Recession to lower taxes and lower debt, the small business community has continued to grow, create jobs, and expand Florida’s private sector economy at rates that outpace the nation. These survey results showcase that small businesses are eager to generate greater economic opportunities in our state, but we must continue to make choices that foster entrepreneurship and keep government out of the way.”

Jesse Panuccio, Executive Director, Florida Department of Economic Opportunity

“Small businesses are at the heart of Florida’s economy, and we are working hard to make this a state in which all entrepreneurs can achieve their dreams.”

Debbie Harvey, President and COO of Ron Jon Surf Shop and Chair of the Florida Chamber’s Small Business Council

“Florida’s economy is dependent on small business. In fact, two out of every three new Florida jobs are created by small businesses. When our state works to meet the needs of small businesses, we are also contributing to economic opportunities for all of Florida.”

Michael Myhre, CEO and State Director of the Florida SBDC Network

“Small businesses have their finger on the pulse of Florida’s economic growth, providing valuable feedback on how our state can improve. The Florida SBDC is committed to providing our state’s small businesses with the tools and resources needed to grow and succeed and create wealth for Florida’s economy.”

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The Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations, aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.