SmartBiz Bank℠ Releases First-Ever State of Small Business: Industry Pulse

Findings reveal key insights into evolving priorities and needs of small business owners across the U.S.

CHICAGO--(BUSINESS WIRE)--SmartBiz Bank, N.A., a leader in small business lending, today announced the findings from its “State of Small Business: Industry Pulse” survey. Released in recognition of National Small Business Week, celebrating the vital role of small businesses, the survey highlights the real challenges and opportunities entrepreneurs face across the U.S.

The survey asked SmartBiz Bank customers about financing trends, including whether they were applying for business loans, the reasoning behind their decisions, the challenges they faced regarding funding, and banking priorities, such as their top priorities when searching for a business banking account.

“Small businesses are feeling immense pressure as they navigate this period of uncertainty and market volatility,” said Evan Singer, CEO of SmartBiz Bank. “With 15 years under our belt working closely with small businesses, and now in our evolved position as a bank, we knew gathering their perspectives and insights was critical. The findings from the survey will help inform two key things: first, our priorities as we continue to support small businesses, now in a greater capacity, and two, creating broader awareness about both the general and immediate concerns of small business owners.”

Key findings include:

• Most small business owners trust traditional banks more than other financial institutions, and around 40% have been with their primary business bank for more than 7+ years.
• Small business owners prioritize low fees and good rates when choosing a business bank, whether or not they are actively seeking funding.
• Small businesses want to keep things simple when it comes to business banking. Easy online and mobile banking is the most important feature for small business bank accounts, with low or no fees for ACH, wires, or transfers being the second most important feature.

The report is based on a survey conducted by SmartBiz Bank between March 6, 2025, and April 13, 2025, of over 200 small business owners who are SmartBiz Bank customers from diverse industries, including construction, healthcare, retail, and professional services. Of these small business owners, the majority (86%) have 1-5 employees. Eighty-five percent have been in business for over three years, and nearly 40% have operated for over 10 years. Approximately 50% of respondents have more than $100K in annual revenue.

To view the full report, visit: https://info.smartbizloans.com/industry-pulse

About SmartBiz Bank, N.A.

SmartBiz Bank N.A. was formed in 2025 when SmartBiz Loans, a leader in small business lending, acquired Centrust Bank, known for its excellence in small business community banking. SmartBiz Bank provides a range of technology-enabled banking solutions for small businesses, including offering SBA loans nationally, personalized customer service, and a commitment to compliance and transparency that delivers an exceptional banking experience. SmartBiz is headquartered in Chicago, IL, with administrative offices in Austin, TX, and San Francisco, CA. For more information, please visit smartbizbank.com.