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A recently released survey from TD Bank suggested small businesses in Queens are optimistic about 2014, but job growth will be stagnant.
The poll, its inaugural Small Business Pulse Check, surveyed 100 businesses in each borough between November and December of 2013 that make fewer than $5 million a year in revenue. It highlighted the businesses’ outlook for the year, the impact of the sluggish U.S. economy and opinions of the Affordable Care Act.
Nearly half of all businesses in Queens, 44 percent, expect revenue growth this year. However, 61 percent of owners will maintain current staffing levels.
“What this indicates is that they are not expecting contraction,” said Peter Meyer, New York City market president for TD Bank. “They’re looking to be more efficient. I think that reflects an overall cautious view.”
In Queens only 8 percent of businesses have applied for a loan or a line of credit, and just 6 percent say that they are planning to do so.
Meyer said this shows that businesses are comfortable, but not willing to take on debt in order to finance further growth.
A majority of business, 62 percent in Queens, feel that the U.S. economy is to balme for negative impacts on their establishments.
Most businesses believed the country’s economy contributed to a decrease in consumer spending.
On the question of the Affordable Care Act, 52 percent of businesses in the borough said health care reform will have no impact on their businesses.
“Maybe they’re not actually focused on it,” Meyer said. “Obviously they are concerned about the rising cost of it. But I’m kind of surprised that a majority don’t see it having a negative impact on their business.”
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