Owners of small businesses in Nevada are more optimistic about the local economy than the national economy, according to results of a survey by Nevada State Bank.
The bank’s recent survey of more than 400 small business owners, operators and managers throughout the state found that 47.6 percent of them believe the local economy is headed in the right direction.
Nevada small business owners are less optimistic about the state of the national economy, with only 35.5 percent believing the national economy is on the right track and 57.8 percent of those surveyed believing the national economy was headed in the wrong direction.
The survey found that 81.1 percent of respondents were concerned about business taxes, 72.3 percent were concerned about laws and regulations, and 60.6 percent about the cost of goods and services.
“Small businesses are driving our gradually recovering local economy. We wanted to learn what Nevada small business owners think about the economy, about banking and other issues that are important to them,” said Dallas Haun, CEO and president of Nevada State Bank. “We continue to hear on a national level about how small businesses are faring, but to effectively serve our clients here in Nevada, we needed to hear from them about these important issues.”
Though business taxes were among their biggest concerns, only one in three respondents was familiar with IP1, the Initiative Petition 1, also known as Nevada Business Margin Tax Initiative. Once informed, however, an overwhelming 74.7 percent said they oppose this November 2014 ballot initiative to raise business taxes to increase public education funding in Nevada.
About 80 percent of those surveyed said it has been somewhat to very difficult for them to obtain financing for their small business.
The survey also showed that 86.9 percent of respondents find the relationship with their banker to be important and that 50.4 percent want their banker to help them develop and execute their business plans.
Nevada State Bank, working with Las Vegas-based research firm Applied Analysis, surveyed businesses throughout the state that generate annual revenues between $500,000 and $1.5 million.
Nevada State Bank will distribute a publication highlighting the results of its survey at the Jan. 24 Preview Las Vegas event and at the Jan. 30 Directions 2014 event in Reno. The results are also available online at www.nevadasmallbusiness.com.