NEW YORK, April 30, 2018 /PRNewswire/ -- CIT Direct Capital, the national online small business lending unit of CIT Group (NYSE: CIT), today announced the results of its new survey conducted by The Harris Poll1 revealing that nearly three out of four small businesses in the U.S. plan to expand their product and service offerings this year.
"With strong expectations for growth, small businesses are well-positioned to make improvements and upgrades," said John Donohue, head of CIT Direct Capital. "A total of 72 percent of small business owners report that expanding product and service offerings within current geographies is the top priority for this year."
Investment Priorities, Sources and Key Issues
- When it comes to investing in their businesses, 50 percent say technology is at the top of the list, followed by equipment upgrades (47 percent) and hiring staff (36 percent).
- To that end, over half of small businesses expect hiring at their company to increase over the next year.
- Despite these expectations, small businesses remain focused on a number of key issues. Data security is the top concern for small businesses (68 percent), followed by continued economic uncertainty (64 percent) and rising inflation rates (61 percent).
- The top ways in which small businesses have capitalized their company in the last five years include internal sources of funding (38 percent), secured bank loan (33%), and leasing/equipment financing (22 percent).
"Understanding these key trends can help small businesses innovate and contextualize potential challenges," continued Donohue. "With data security as a top concern, we understand why half of small businesses are looking to upgrade technology at their businesses."
Empowering Small Businesses to Launch+Grow
CIT also recently introduced the Launch+Grow campaign, a new small business empowerment series in partnership with the nonprofit Operation HOPE. The video series is the first of its kind by Operation HOPE and features small business owners across the U.S. sharing their success, tips and challenges. Launch+Grow kicked-off at the start of Financial Literacy Month in April and runs through National Small Business Week the first week of May.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.mediaroom.com/email-alerts.
1 The Harris Poll, on behalf of CIT, fielded an online survey within the United States from January 3 – February 2, 2018 among 310 U.S. small business executives. Qualified respondents were age 24+, employed full-time or self-employed, annual revenue of less than $25 million, company size of less than 100 employees, a majority of employees based in the U.S., and had a variety of titles.
© 2018 CIT Group Inc. All rights reserved. CIT and Direct Capital and their logos are registered trademarks of CIT Group Inc. CIT Bank, N.A. is a subsidiary of CIT Group Inc. Direct Capital is a Division of CIT Bank, N.A.
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