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HomeBank CapitalNew Union Bank Survey Finds California Small Business Owners Feel Optimistic

New Union Bank Survey Finds California Small Business Owners Feel Optimistic

LOS ANGELES, April 29, 2021 /PRNewswire/ — California small business owners went to great lengths to stay afloat through the pandemic, investing an average of $28,000 to operate within government guidelines and remain open during COVID-19, according to new research from Union Bank, a leading West Coast bank.

According to the Union Bank California Small Business Mid-Year Mindshift 2021 Survey, the top four COVID-19-related areas small business owners invested in were personal protective equipment (58 percent), cleaning and sanitization services (54 percent), marketing and advertising (45 percent) and e-commerce (41 percent).

Small businesses in the restaurant and hospitality sectors spent substantially more, investing an average of $74,000, focusing on cleaning and sanitization services (94 percent), delivery services (87 percent), personal protective equipment (85 percent), and updated signage (82 percent).

California small business owners were hit especially hard and adapted to complex restrictions for longer periods of time than those in other states,” said Todd Hollander, Head of Business Banking and Small Business Banking at Union Bank. “But despite the challenges, many small businesses remained resilient and optimistic for the future. At Union Bank, we’ve been working with small businesses for more than 150 years and we remain committed to helping them recover and thrive for years to come.”

California small business owners remain optimistic, above all.

Many small business owners in California said the pandemic had its silver linings, including improved business efficiencies (39 percent), the rewarding feeling of overcoming a challenge (37 percent) and solidifying their passion for what they do (31 percent).

They are moving forward with positivity and resilience. Six in 10 said they are currently optimistic, and 56 percent said they are more optimistic than they were in 2020. This positivity is particularly prevalent among younger business owners:

  • 66 percent of business owners aged 18 to 34 said they feel positive
  • 65 percent of those aged 35 to 54 said they feel positive
  • 45 percent of business owners aged 55 and older said they feel positive

The most widely cited source of optimism among California small business owners was continued COVID-19 vaccine distribution, as 68 percent of respondents said they believe it will help their businesses. Among those in the restaurant and hospitality space, the federal stimulus package led the way (70 percent) as the biggest cause for optimism.

According to the survey, small business owners in California received financial support from the following sources:

Restaurant/hospitality business owners

Other small business owners

— 64 percent from the government

— 36 percent from the government

— 38 percent from banks

— 17 percent from personal finances

— 28 percent from personal finances

— 14 percent from family and friends

The pandemic had a disproportionate…

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