Small Business Love: The One Thing Americans Can Agree On

By: Nancy Bilyeau · February 08, 2024 · Reading Time: 2 minutes

On the Same Page

Americans might not agree on everything, but here’s what we’re all on the same page about: Small businesses are great.

When asked about their views on U.S. institutions, an overwhelming portion of Americans (86%) have positive views of small businesses, according to the findings of a PEW Research Center study . And there’s more. Not only have these views grown more positive over the past year, but they also defy political affiliation. Overwhelming majorities of both Democrats (88%) and Republicans (87%) give a thumbs up to the role of small businesses in the country, far outperforming the military, churches and labor unions.

Crazy for Main Street

The Small Business Administration (SBA) Advocacy Office defines small businesses as an independent business having fewer than 500 employees. The SBA estimates there are more than 33 million small businesses in America, employing more than 60 million workers, making them vital for the economy.

“Proprietors’ income fluctuated during the COVID-19 recession,” the SBA said in its December bulletin . “Recently, income gains have resumed the growth rate seen before the shock of the pandemic.”

Big Business Losing Out

Small businesses may have led the list of positive responses, but large corporations ranked last among all categories asked about in the PEW survey. Only 29% of respondents said big businesses were having a positive impact in America.

The PEW study of Americans’ views of U.S. institutions was conducted between January 16 and January 21 among 5,140 adults.

If you’re a small business owner looking for financing, the SoFi Small Business Marketplace can help with that.

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