CURRENCIES THE LEDGER The status of small businesses What's happening in the world of small business, and how can community banks play a role in their success? 37% of Americans go to small businesses for a personalized experience. Small businesses provide a unique touch that customers desire. Approximately 1 in 4 small-business owners note that one of their biggest pain points is sourcing financing- like business loans-to cover costs or grow their business. 26% Ultimately, 92% of Americans spend money at and support small businesses. 12 // ICBA Independent Banker // September 2023 of these owners are experiencing higher interest rates on business loans. 82% say funding is a significant factor in their success. 3 in 10 Americans note they would be OK with paying more for a small business's services and products, rather than purchasing from a chain store. People want to support small businesses. Source: NerdWallet 2022 Small Business Check-in