OnDeck’s Latest Survey Reveals: Economy is Top Concern for Small Businesses Ahead of 2020 Election

OnDeck (NYSE: ONDK), a small business online lending platform, announced on Friday its latest survey reveals that the economy is a top concern for small businesses ahead of next year’s presidential election. According to OnDeck, the survey is the first in a series that the lender plans in order to measure small business sentiment during the 2020 election season.

“Among the economic issues driving presidential election decision making for many small business owners were the health of the U.S. economy, the climate for small business growth and tax policy. The OnDeck survey included small business owners from all 50 states and a diverse set of industries. Respondents were roughly split evenly between male and female business owners.”

Key Findings of the survey are as follows:

  • Economic concerns arise in several dimensions, including tax policy, job growth, support for small businesses, government spending and the overall economic climate. These issues were cited as the top concerns of more than 33% of those surveyed
  • Immigration was an issue of interest for 11.3% of small business owners surveyed, ranking second behind the economy as a concern.
  • 57% of small businesses surveyed said they were either ”Very Optimistic” or ”Somewhat Optimistic” about the economic outlook for their businesses;
  • 93% of those surveyed said they plan to vote in the 2020 election.
  • 60% of small business owners surveyed said they already know who they plan to vote for in the 2020 presidential election.

OnDeck’s survey also observed that President Donald Trump was the choice of 37% of small businesses surveyed, followed by Joe Biden at 18%. When combined, the top five Democratic candidates were the preference of 44% of respondents.

Republican Candidates

  • President Donald Trump: 37%

Democratic Candidates – Top 5

  • Joe Biden: 18%
  • Bernie Sanders: 8%
  • Elizabeth Warren: 8%
  • Kamala Harris: 6%
  • Pete Buttigieg: 4%

Andrea Gellert, Chief Revenue Officer of OnDeck, went onto add:

“The survey results make it clear that U.S. small business owners will have a significant voice in determining the outcome of the 2020 presidential election. Most notably, their focus on ‘Main Street’ issues like taxes and business growth reminds all candidates that they should address the concerns of the men and women who make our economy run.”

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