CHICAGO—A new survey of small business owners offers some insights into  their financing trends, including whether they were applying for business loans, the reasoning behind their decisions, the challenges they faced regarding funding, and their top priorities when searching for a business banking account.

The survey from small business lender SmartBiz Bank, titled “State of Small Business: Industry Pulse,” included response from its own customers. 

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.

The Key Findings

Key findings include, according to the company:

• 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 seven-plus years.
• Not surprisingly, 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,” the company said. “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.