Trends Report

The State Of US Small Business Banking

Nearly Two-Thirds Of Small Businesses Use The Web For Financial Transactions

July 21st, 2009
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
Brad Strothkamp, null
Brad Strothkamp
With contributors:
Chad Mitchell , Courtney Tincher

Summary

There are more than 25 million small businesses — firms with fewer than 500 employees — in the US, and more than one in 10 US online consumers is a small business owner. The recession has had a profound effect on these firms, yet small business owners are more optimistic than other US consumers about their financial futures. What does the banking market look like for banking providers hoping to reach these small businesses? Forrester found that while 21% of small businesses have no formal financial relationships with any banking firm, 65% of those that do have a relationship regularly conduct banking transactions on the Web.

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