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89% Of Small Businesses Borrowing At Pre-pandemic Rates

·2 min read

91% Credit "Brand Trustworthiness" as Key Factor when Selecting a Financial Service Provider

TORONTO, Sept. 28, 2021 /PRNewswire/ -- Small to medium-sized businesses (SMBs) across Canada continue to demonstrate resilience and optimism for the future according to a study released today by Cargo, which shows that 89% of SMBs are borrowing from their financial service providers at the same rate as they were before the pandemic began. The latest "Heads Up" study from Cargo and their research partner, Phase 5, also found that 49% of SMBs are optimistic about the future of their businesses.

The survey of 1,008 Canadian SMBs also showcases the importance of consistency and trust when small-business owners chose a financial services partner, with 93% of owners using the same financial services provider for most of their needs, and 63% utilizing their personal bank for their business needs as well. "Brand trustworthiness" also was cited by SMBs as a key factor when initially selecting a financial services provider (91%). One small-business owner who was surveyed said, "I need my vendors to give me timely service when there is a problem. That inflection point is usually when I fall in love with my financial services provider or decide to replace them."

The study also revealed that SMBs prioritize three critical areas where they need assistance from their financial service providers: 1) help with day-to-day issues such as invoices and payments, 2) timely transfers and confirmation, and 3) setting up accounts and services.

"Small-business owners' needs, wants, and plans have changed along with their demands for financial services providers," says Miki Velemirovich, President of Cargo. "We cannot stress enough how important trust is to this particular segment. Whether they are hunting for new providers, or not, depends on how financial service providers have treated them since the start of the pandemic."

With offices in Toronto, Canada and Greenville, SC, USA, the 65-employee Cargo agency has been delivering advertising and marketing solutions and services to clients since its founding in 2006. The agency specializes in connecting big brands with small to medium-sized business customers, and services some of the world's largest and best-known companies. Cargo was named one of the fastest-growing private companies by Inc. Magazine in 2020. You can learn more about Cargo and the "Heads Up" studies at www.thecargoagency.com

SOURCE Cargo

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