Joining me on PowerTalk this week to talk about the economy, the outlook for small business and job creation prospects, as well as the availability of credit, is Jay DesMarteau, head of Small Business, SBA, Restaurant, & Government Banking at TD Bank.
Each week on PowerTalk, we go behind the scenes to put you in the know — this time we’re talking about the lifeblood of job creation here in the United States — small business. Based on the recent July employment report, which disappointed on several levels, it seems that small business is only moving at half speed. The weakness in hiring is not all that surprising, given some of the data that Jay shared with me — only 17% of small businesses planned to hire at least one new employee, down from 32% six months ago. However, more than three-quarters of small business owners intend to keep staffing levels the same, up from 59% in December.
If you or someone you know owns a small business or is looking to start one, then you know that access to credit or business loans is important. The need for credit holds true whether you’re working on a new business or one that is trying to reach the next level. Access to capital is needed to grow that business and put more people to work, whether you are an entrepreneur or running an existing business that is looking to expand to another location, add another product line, bid on another project or maybe even expand its hours of operation.
Jay and I talk about TD Bank, one of the 10 largest banks in the country, and what it is doing to help small business. We discuss the size and scope of Jay’s team of 150 small business relationship managers and more than 1,300 TD Bank store managers. We also touch on the economy and what Jay and his team are seeing from small business owners. Even though deposits are high, small businesses remain on the sidelines when it comes to taking on new credit, expanding and hiring.
Jay shares some of the challenges facing small business owners including growing their business, the economic environment and cash flow. In addition to all of that, and talking specifically about what he and his team are seeing in the restaurant, healthcare and government markets, Jay also introduces us to specific efforts from TD Bank and the International Franchise Association to help veterans find jobs and start businesses through the SBA Veterans program.
Listen to my behind-the-scenes PowerTalk conversation now, so you are even more in the know.
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